Tel:

0117 325 0155

Tel:

0117 325 0155

Remortgage

Remortgaging means switching your mortgage to another deal with another lender. Most people remortgage because their existing deal has ended.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Remortgaging means switching your mortgage to another deal with another lender.

Most people switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender, and you might get a cheaper deal with another lender.

Other people remortgage to consolidate their debts.

It is worth noting that a remortgage isn’t always the most suitable option. Sometimes any saving made by securing a cheaper interest rate can be outweighed by the fees incurred in setting up the new mortgage. It may not offer flexibility you may have under an existing mortgage.

If you plan to switch mortgage, remember to look at the overall repayment period too. You may be able to pay less monthly, but check the final repayment date of the mortgage. It may be longer than your current deal.

You may be able to find a new mortgage deal with your current lender – and it may even work out cheaper to do so.

In fact, many lenders allow you to switch your mortgage deal quite frequently.

Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable. You may have to pay an early repayment charge to your existing lender if you remortgage.

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Tel: 0117 325 0155

Email: ben@eurekafs.co.uk

Eureka Mortgages Bristol is a trading name of Eureka Financial Solutions, an appointed representative of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority.

Conveyancing, Commercial Finance and some Buy to let mortgages are not regulated by the Financial Conduct Authority.