In current market, it is not uncommon for someone to be able to raise an additional £20,000 against their property and still save money on their monthly repayments.

No move, no hassle

Unlike moving house, arranging a remortgage can be surprisingly hassle-free. There are no chains of buyers to worry about, so whole process can often be completed in a few weeks.

Counting costs

In terms of costs there is no stamp duty to be paid, as you are not purchasing a property. Many lenders will pay some or all of your valuation and legal fees.

In some cases there may be an arrangement fee or booking fee from new lender. There may also be redemption penalties on your existing mortgage and you will need to take these into account when assessing how much money you could save by remortgaging.

Your mortgage is probably your biggest single financial commitment, so it makes sense to spend some time ensuring you always have best possible deal.

A free no-obligation assessment of whether remortgaging is right for you, can be obtained via various websites, such as UK Mortgages & Remortgages website.

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Copyright 2004 David Miles. You are welcome to reproduce this article on your website, so long as it is published "as is" (unedited) and with author's bio paragraph (resource box) and copyright information included. In addition, all links to external websites must be left in place.

While Mortgage Cycling does have some additional costs for most people, that is not what makes this mortgage reduction strategy risky. If you use a Home Equity Line of Credit and money gets tight, you could lose your home. Home equity lines of credit require you to use your home as collateral for loan. This may put your home at risk if you are late or cannot make your monthly payments. And if you sell your home, most lines of credit require you to pay off your credit line at that time.

Prepaying your mortgage is smart. You can save tens of thousands of dollars in mortgage interest. For most people, mortgage cycling is risky way to payoff a mortgage. Be sure and look at your all of your alternatives before choosing Mortgage Cycling as a mortgage reduction strategy.

Copyright 2004 My Big Fat Mortgage. You may freely reprint this information on your website provided following caption remains intact.

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