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Remortgage Guide What is a remortgage? Remortgaging is where you replace your current mortgage with a more favourable deal from another lender. Generally, once you have come to the end of an introductory rate with a lender you will be switched on to your current lenders standard variable rate (SVR). This rate will almost certainly be higher than the rate you have been enjoying, so it makes sense to see if another lender can improve on this higher rate. It is becoming as common as swapping a credit card at the end of a 0% interest period, and is often no more difficult. Using an independent mortgage broker is an ideal option to source and arrange the right mortgage, with the minimum of fuss. Why Remortgage? There are various reasons why someone would remortgage. Quite often it is just a cost saving exercise to reduce the monthly payment, although increasingly it is seen as a way of consolidating debts and reducing the overall household outgoings each month. You can capital raise for almost any purpose, debt consolidation, a new car or maybe some home improvements. The advantage of borrowing money against your property is that the rate will almost certainly be better than if you took out a personal loan, and because you can spread the cost over the remaining term of the mortgage, the repayments are lower. Unlike a loan, however, the debt will be secured on your home, so you need to make sure you cam keep up with the repayments to keep your property safe. There is no need to extend the term of your current repayment period if you remortgage, if the repayments remain affordable, you can keep the term the same. Why should I remortgage now? We are currently in an economy of uncertain interest rates; however, there are some really quite attractive fixed rate remortgage deals currently on offer. By fixing your mortgage interest rate, you are safeguarding against any base rate rises for as long as the introductory period of your fixed rate lasts. There are also a good number of 'fee assisted' remortgage deals currently on offer. For example, this is where the lender will pay for the legal work, the valuation and any set up costs involved in setting up the remortgage. In some cases a cash-back may be provided on completion, to help with the costs of remortgaging. Mortgages have evolved and many people could benefit from some of the new styles of mortgages now available. If you have savings an offset remortgage may be an option for you. This is where a savings account and a mortgage with the same lender are linked. The credit balance of your savings is offset against the debit balance of your mortgage, so instead of being paid interest on your savings, you reduce the interest charged on you mortgage. This facility gives you the option to 'over pay' your mortgage and reduce its term. Some points to consider
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