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What is a Remortgage?


A remortgage is changing your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money. A remortgage can also be used to raise additional finances by releasing equity in your property.

More detailed information....

When you remortgage you are ending your old mortgage deal and switching to a new one.

This normally involves switching your lender although you can sometimes change deals withyour current provider. If you do remortgage with your current lender it normally involves changingyour existing deal.

You can borrow from 25,000 up to 500,000. Rates are variable, depending on status.

It is important to note that there are costs attached to remortgaging such as redemptionpenalties. These need to be taken into account when you are considering a remortgage.

It is however worth bearing in mind that often the benefits of remortgaging can outweighthe costs involved.

A remortgage deal on your UK house or flat should offer you:

Lower & discounted interest rates

Reduction of your monthly outgoings by up to 50%

The chance to clear your existing mortgage, plus any arrears or other debts Consolidation of existing loans into one easier-to-manage monthly payment Release of equity in your house or flat for a new car, home improvements, luxury holiday etc.

No restrictions on what you do with any extra cash raised The chance to borrow more money and still find you are paying the same or even less than your current mortgage repayment.

You may freely reprint this article provided the author's biography remains intact:

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.


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National Mortgage News

Mortgage refinance applications decline to 18-year low: MBA
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The Mortgage Reports (blog)

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Preparation is vital prior to applying for a mortgage refinance. You have to do the math and figure out if it makes financial sense. Plus, you need to learn the facts and shop around. Getting your paperwork in order is crucial, too. Tackling these and ...



ABC News

Mortgage refinance rejection spike exposes number of Australians in debt distress
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It's being described as a "mortgage mirage". It's an offer from the bank that looks too good to be true and, as it turns out, for many it is. Key points: Surge in refinance applications down to banking reform and the royal commission; It means ...



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The New Daily

Spike in mortgage refinance rejections
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It's being described as a “mortgage mirage”. It's an offer from the bank that looks too good to be true and, as it turns out, for many it is. “About 40 per cent of people who tried to refinance were unable to do so,” Digital Finance Analytics principal ...



Bankrate.com

How to refinance your mortgage
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When considering a mortgage refinance, focus on lowering your monthly payments or interest rate without tacking on more years to repayment, if possible. Check your credit score and history. The higher your credit score, the better refinance rates ...



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ATLANTA, Sept. 18, 2018 /PRNewswire/ -- First mortgage originations have continued to show a slight but steady increase, with more than 2.77 million first mortgages originated year-to-date through May 2018, reflecting a total dollar amount of $689.8 ...

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The Mortgage Reports (blog)

Should you leave your 3% rate behind to do a cash-out refinance?
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Rates: Although today's mortgage refinance rates could be higher than your existing mortgage rate, they still are historically low. Additionally, they are often lower than HELOC rates, which could run one to two percent higher. Timing: A cash-out ...



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The Mortgage Reports (blog)

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