There are many reasons why you might consider remortgaging including:
Obtain a More Competitive Interest Rate
You may want to get a more competitive interest rate from another bank so you can save more money on your mortgage each month.
Consolidate Your Loans
You want to consolidate your existing loans with your mortgage and have one lower monthly repayment. While a lower monthly repayment may ease your monthly cash outflows, you should be aware that this new loan may take longer to pay off than your previous loans. This means that you may end up paying more than if you paid over a shorter term.
- Debt Consolodation Warning: This new loan may take longer to pay off than your previous loans. This means you pay more than if you paid over a shorter term.
- Your home is at risk if you do not keep up payments on a mortgage or any other loans secured on it
- If you do not keep up your payments, you may lose your home
- Fixed Rate Warning: You may have to pay charges if you pay off a fixed rate loan early
- Variable Rate Warning: The cost of your monthly repayments may increase. If you do not keep up your payments, you may lose your home