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Should I Remortgage My House? What are the Benefits of Remortgaging? Why Should I Remortgage my Home?

Should I Remortgage?

Essentially one will seek to remortgage either to release some capital or to try to secure better repayment terms on the existing mortgage.

Dealing with the last of these reasons first, the question of whether or not one should remortgage is of course an economic one, although it may not be as straightforward as it might at first appear. Whilst on the surface of it switching to another lender who is offering a better rate may seem to be a “no brainer”, there may potentially be all kinds of obstacles, hidden charges, early settlement fees or contractual obligations to take into account before reaching a final decision. It is necessary to scan the small print of one’s existing agreement to ascertain the precise terms on which it was made, and what impediments exist, if any, to seeking out a better deal, either with that same lender or elsewhere.

There are many possible reasons why it might be advantageous to transfer to another lender. A mortgage taken out on fixed rate terms when the bank rate remains low may prove more expensive to sustain than a variable rate or tracker mortgage. The borrower has the option either of moving to a

different lender, or of taking out a different package with the same lender.

So when you look to other lenders and you ask yourself “Should I Remortgage?” the deciding factor must simply be whether a revised arrangement would save you money.

On the other hand you may be looking to remortgage as a means of releasing some capital to spend on other things, be they home improvements, paying off debts, buying yourself a car or treating your family to a holiday. In such an instance the validity of the question is tested by the worthiness of the objective.

When your property has some equity you have the luxury of knowing that you are able to borrow against it, at low interest, to free up funds to spend on something else. The terms will be clear to you when you come to make your decision, and you will be aware of any increases to your premiums or extensions to your term. It is then just a question of considering how important it is to you to have an injection of ready cash made immediately available to you.

Should I remortgage? If you know what you are getting into, and what the revised terms are, then why not? But always check the small print and always consider the consequences thoroughly before you do so. Compare Remortgage Options at the above websites.

 
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