Here are a number of reasons why you may want to Re Mortgage your property;
Get a lower rate...
One in five mortgage borrowers pays over the odds by staying on a lender’s Standard Variable Rate (SVR). This is usually around 2% higher than the most competitive new deals available on the market.
Rohini from London
Choose a more secure deal...
If you are on a variable rate and are worried that interest rates may rise, you may want to consider remortgaging to a fixed rate. This anchors your monthly payments down at a set level, so you can rest assured you will not pay more when interest rates increase.
Make home improvements...
Extending a house, adding a conservatory, renovating a kitchen or bathroom or carrying out a loft conversion can add to the value of your property. Many mortgage lenders offer special rates to homeowners who want to remortgage to make home improvements.
Raising some capital or Consolidating your debts...
You may want to free up some cash to finance a one-off purchase, such as a car, or to buy a second home abroad or if you have a lot of credit card and personal loan debt, you could potentially reduce your monthly payments by consolidating your debts into your mortgage. This is because the interest rate on a mortgage is often around 10% lower that the interest rate on a credit card. However, adding these debts to your mortgage may also cost you more over the longer term.
Finance a buy to let purchase...
If you believe there is money to be made in property investment, you could increase the size of your current mortgage and use the extra cash to put down a deposit on a buy to let venture. But don’t forget, becoming a landlord is a complex process and there are risks involved.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.