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remortgaging
remortgaging
Remortgaging your property can help you save interest on your monthly payments, take advantage of lender's discounts or serve as a loan to pay off other debt. The remortgaging process works similar to the original mortgage process. As more property owners look for ways to reduce their payments and debt, remortgaging has become more popular.
Huntingdon,
Cambridgeshire,
United Kingdom
(prbd.net)
14/08/2010
"One way to remortgage your property is by finding a new lender. Your original lender has already negotiated an interest rate with you. If you took advantage of discounts or a low interest fixed rate term, your lender may not provide any other incenti"
Remortgaging
Remortgaging your property can help you save interest on your monthly payments, take advantage of lender's discounts or serve as a loan to pay off other debt. The remortgaging process works similar to the original mortgage process. As more property owners look for ways to reduce their payments and debt, remortgaging has become more popular.
New Lender
One way to remortgage your property is by finding a new lender. Your original lender has already negotiated an interest rate with you. If you took advantage of discounts or a low interest fixed rate term, your lender may not provide any other incentives after your discount or rate term ends. By remortgaging with a new lender, you'll be offered lower interest rates and discounts all over again. Lenders looking for new customers are happy to remortgage your property to gain your business.
Another advantage of a new lender is the fact the new lender may have an overall lower standard variable rate or SVR. This equals less interest you'll have to pay overtime on your mortgage.
Remortgage as a Loan
When you obtain a loan from a lender you must provide some type of equity. The most valuable thing for most people is their home or property. If you need money to pay off debt, remortgaging may be your best option. You can pay off high interest credit cards, other loans such as student loans and vehicles. When you remortgage your property, you can borrow up to the value of the property. Should the value of your property increase, you can actually borrow more than the initial value of your property.
Remortgaging is more beneficial than trying to pay off large amounts of high interest debt divided among several sources. The interest rates for remortgaging are often much lower, allowing you to save money over time.
About
Here at Buy-my-place.co.uk we buy homes in Cambridgeshire, Bedfordshire, Northamptonshire and across the UK. We pride ourselves on our ability to put your needs first.
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