REVIEW YOUR MORTGAGE
Remortgages
Understand whether switching your mortgage could better suit your current needs and circumstances.
Why people remortgage
Some people switch mortgages because an introductory or discounted rate is ending and another deal may be more suitable. Others remortgage to change the term, alter the type of interest rate, raise funds or consolidate debts.
Look beyond the headline rate
A remortgage is not always the most suitable option. Early repayment charges, arrangement fees, valuation costs, legal costs and changes to the mortgage term can affect the overall benefit. Staying with your existing lender on a new product may also be worth considering.
Consolidating unsecured debts into a mortgage can reduce monthly outgoings, but may mean repaying the debt over a longer period and paying more interest overall. It also converts unsecured borrowing into debt secured against your home.
An adviser can review your current mortgage, understand your objectives and compare the available options and associated costs.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
