8Oct2018

Should You Remortgage Your Home?

There is a common misconception that there is only a negative side to remortgaging a property and that it should only be considered if there is no other way to acquire credit. There are, however, a number of reasons why you should look into remortgaging your home.

Look for a Better Interest Rate – For those people who are on a fixed-rate mortgage you will be on the same interest rate, with the same payments every month for between three to five years in most cases. Once that fixed-term expires you will most likely be moved on to a higher standard variable interest rate, which could mean more interest being paid. Just prior to your fixed rate period expiring is the best time to search for a remortgage that could provide you with a good interest rate.

Flexibility – With some mortgages you might feel trapped. For instance you might wish to take a payment holiday (that is built in to the start of a new mortgage), or you might wish to pay more each month to bring your mortgage down, but are tied by your current mortgage terms. Remortgaging could provide you with greater flexibility.

Move to a Repayment Mortgage – A repayment mortgage instead of an interest-only mortgage might be more appealing to you, and could be available from your current lender. It is the perfect time to search around for a new mortgage provider, to see what deals you can find.

Speak to the Central Mortgages experts by calling 01277 630 183 or by emailing office@centralmortgages.net.

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