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There are numerous reasons for remortgaging.
Your current deal might be about to expire or there are better interest rates available. The value of the home has grown quickly, and you could benefit from a different deal. You want to fix your interest rate for the next 5-years. You could be considering a new facility where you want to overpay but to do this you need a new mortgage provider. You might be on an interest-only deal and you want to change this to a repayment mortgage. You might want a more flexible mortgage, or you simply might want to borrow more money.
Whatever the reason, there are a number of benefits in looking at a remortgage deal. Here are some of the most popular choices:
- Many people are looking to remortgage their property as a source of funding for extensions, refurbishments and home improvements. By utilising the equity in your home, money can be released to help fund your plans no matter how big or small.
- As your working career develops so too will your annual income. This puts you in a position to revaluate your finances and consider increasing your mortgage payments so that you can pay off your debts sooner than originally anticipated.
- There is the potential to release accumulated equity, allowing you to secure a new remortgage deal, at a lower interest rate whilst at the same time giving you a boost in cash flow.
No matter what your financial situation is a remortgage can be very helpful.
You may have to pay an early repayment charge to your existing lender if you remortgage.
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