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A remortgage should be considered for a variety of reasons:
Reduce Outgoings
By switching to a mortgage deal with lower interest rates you could save a considerable amount over term of your mortgage.
Debt Consolidation
A remortgage can allow home owners to consolidate their existing debt into one manageable monthly payment. Debt consolidation makes life easier in short term and makes savings in long term.
Equity Release If your home has increased in value since you took out your mortgage it may be worth considering releasing some of tied up equity. Equity release can be one cheapest forms of borrowing.
The remortgage process is relatively simple, and process from start to finish normally lasts between 4-6 weeks.
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.
You may freely reprint this article provided author's biography remains intact:
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.