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Can you tell me why to remortgage?

Good afternoon. I have heard some friends of mine talking about remortgage as a good way to save money when you pay a too high mortgage rate. I really don't know anything about this but if it 's really a good soolution to save money, I would like to get more information about it. Thank you in advance.

Wed, 15/05/2013 - 18:58

Comments : 0

Answers

3

AnswerWidget

Many people use remortgaging to move from a fixed to a variable mortgage rate. I would like to add that another opportunity is to ask the same lender to remortgage. If he doesn’t want to lose the client, he will reconsiders his conditions. Consequently, there might be a reduction of the mortgage interest rates and a remarkable amount of money saved by the borrower. But in this case, the proper name is “refinancing”.

Sat, 18/05/2013 - 23:36

Remortgage can also be useful to release equity in the borrower's home.

Anyway, the video in attachment is very useful if you want to understand better what remortgaging a property means.

Sun, 26/05/2013 - 14:27

As a matter of fact, remortgage can be profitable since it gives borrowers the possibility to change lender if they have a mortgage. If borrowers find they are paying too much for this loan, they can look for a new lender offering better conditions and can apply for a remortgage.

Neverthless, pay always attention because remortgage generally implies the payment of a redemption penalty. Especially if you find some appealing remortgage deals these penalties can be very high.

Sat, 01/06/2013 - 17:00

Many people use remortgaging to move from a fixed to a variable mortgage rate. I would like to add that another opportunity is to ask the same lender to remortgage. If he doesn’t want to lose the client, he will reconsiders his conditions. Consequently, there might be a reduction of the mortgage interest rates and a remarkable amount of money saved by the borrower. But in this case, the proper name is “refinancing”.

Sat, 18/05/2013 - 23:36

Remortgage can also be useful to release equity in the borrower's home.

Anyway, the video in attachment is very useful if you want to understand better what remortgaging a property means.

Sun, 26/05/2013 - 14:27

As a matter of fact, remortgage can be profitable since it gives borrowers the possibility to change lender if they have a mortgage. If borrowers find they are paying too much for this loan, they can look for a new lender offering better conditions and can apply for a remortgage.

Neverthless, pay always attention because remortgage generally implies the payment of a redemption penalty. Especially if you find some appealing remortgage deals these penalties can be very high.

Sat, 01/06/2013 - 17:00
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