Have you heard of further advance mortgages but aren’t clear on what they are? Then this is the article you need to clear your doubts on the topic.
Remortgaging is the process of switching your existing mortgage to a new one, either with the same lender or a different lender. This can be done for a variety of reasons, such as to get a better interest rate, to release equity from your property, or to consolidate debt. (Think carefully before securing other debts against your home.)
When you remortgage, you essentially pay off your existing mortgage with a new one, which can have different terms and conditions. This can include changing the length of the mortgage term, fixing the interest rate, or switching from a repayment mortgage to an interest-only mortgage.
It’s important to consider the costs of remortgaging, such as fees and charges, and to compare different options to find the best deal for your situation.
Why would I want to remortgage?
You may want to remortgage to get a better interest rate, to release equity from your property, or to consolidate debt.
How do I remortgage?
To remortgage, you will need to shop around and compare different options, and then apply for a new mortgage with the lender of your choice. You will need to provide documentation to prove your income and affordability and may need to pay fees and charges.
When should I consider getting a remortgage?
The best time to remortgage will depend on your individual circumstances and the current mortgage market. For example, you may want to remortgage if your financial situation changes, such as if you get a pay rise or your credit score improves.
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