When you remortgage, you are switching your home loan to another mortgage deal and often to a new lender. Or you may be remortgaging in order to take out a bigger mortgage to cover home improvements or another large bill.
It's often a way to pay off debts with a far higher interest, but do take care that you don't end up continually using the value of your home to cover short-term spending such as credit card bills. Also, those who've paid off most of their mortgage, sometime remortgage to make a major purchase.
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Remortgaging is something that almost all mortgage borrowers have to do, apart from those with enough money to pay off the entire loan, or borrowers who choose long-term fixed-rate mortgages.
Remortgage GhoniyMughniy 1060-1100
Those who remortgage regularly to the cheapest deals are likely to spend less on interest over the life of their home loans compared to those who allow their mortgage to revert to standard variable rates (SVR) – usually considerably higher than special deals. An odd quirk of the credit crunch has been that some SVR's have been good deals, but once the base rate starts rising off its historically low level of 0.5% this will change.
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Remortgage GhoniyMughniy 1060-1100
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