| Remortgages | ||
A remortgage is where an applicant switches lender to gain an alternative deal and or borrow more (capital raise) in order to fund home improvements, debt consolidation, purchase an investment property etc. For those looking to remortgage, the most important considerations tend to be the following; s What are the fees and costs. s How does the existing lenders deal compare. s How long will it take. We always recommend you explore your existing lender options first. We may be able to negotiate a new deal with your existing lender. Some lenders will pay your valuation and legal fees. Borrowing further money – many clients like to borrow further monies at the time of remortgaging if they have sufficient equity. Debt consolidation is an option but you should give thought to the fact your payments on a mortgage will be longer than those on an unsecured commitment. Interim interest – often overlooked by lenders and brokers so clients end up with an unexpected bill! This cost can apply to your existing and new mortgage and is to cover days which your normal monthly payment does not include. Value – please give careful thought to the value of your home prior to going ahead with a remortgage. Valuers tend to contact local Estate Agents as part of their assessment. |