Reasons for a Remortgage Application

The main reason that people look to remortgage is to save some money. A successful remortgage application can have a range of benefits, including a lower interest rate than your current deal, using the equity of your home for extra cash, switching to a more suitable financial product for your situation and offering flexibility to consolidate debts into one single, affordable payment each month.

Letbs take a look at the reasons behind your application.

Current Deal Coming to an End b Most mortgages with a good rate such as a fixed rate, a tracker or discount mortgage, only tend to last between 2 to 5 years, at which point youbll be placed on to the standard variable rate. It can pay to start looking before this happens.

A Desire for a Better Rate b A better rate can save you large sums of money in the long-term, even if it means paying an exit fee, or an early repayment charge now in order to move your deal.

Value Of Your Home Has Increased b If the value of your property has risen dramatically since you took out your mortgage you could be eligible for much lower rates.

You Want to Borrow More b Some lenders wonbt be able to offer you more, or at a rate that is suitable to your needs. The extra borrowing could be to enable home improvements or to pay off large debts to consolidate them into one place.

At Central Mortgages we have a team of professional advisors who understand how to help you get that remortgage application off the ground. No matter your reasons for wanting to remortgage your property we are here to help. Contact us today and webll be happy to discuss your situation and put forward the right path for your needs.