Remortgages
A remortgage is when you pay off the remainder of an existing
mortgage, financed by a new mortgage that you have arranged with
a new lender, using the same property as security again.
Remortgaging is a way to gain a preferential rates and save money
on interest payments over the complete term of the mortgage agreement.
Remortgaging has become commonplace today, so much so, that there
are now companies who specialise in this service.
The percentage of people who remortgage has tripled in the last
five years, and there are now over 400 companies competing for
your business which results in excellent deals for individuals
who wish to remortgage their property with another lender.
Often the new lender will offer to pay valuation and legal fees
for the remortgage process, and once you have found the remortgage
deal that you want to apply for, the process can usually be completed
in less than a month and a half.
An added benefit remortgaging your property (in addition to repaying
your existing mortgage) is that you have the option to borrow
more than your outstanding balance, thus releasing the equity
in your property. This can be used for a variety of purposes such
as improvements to your home, a new car or even a holiday in the
sun.
Apply now for a remortgage with our parent site Loans UK, or view our recommended
list of remortgage specialists.
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