Remortgage Help in Barnstaple and North Devon

Eclipse Financial Solutions can help you with you remortgage.

What is Remortgaging?

A remortgage is changing your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering you a better deal than the current lender, thereby possibly saving you money.

A remortgage can also be used to raise additional finances by releasing equity in your property.

When you remortgage, you are ending your old mortgage deal and switching to a new one. this normally involves switching your lender although you can sometimes change deals with your current provider. If you do remortgage with your current provider, it normally involves changing your existing deal.

It is important to note that there are costs attached to remortgaging such as redemption penalties and arrangement fees. These need to be taken into account when you are considering a remortgage. It is however, worth bearing in mind that often the benefits of remortgaging can outweigh the costs involved.

A remortgage on your UK house could offer you:

• Lower and discounted mortgage and interest rates.
• Reduce your monthly outgoings.
• The chance to clear your existing mortgage, plus any arrears or other debts.
• Consolidation of existing loans into one easier-to-manage monthly mortgage payment.
• Release equity in your house for say a new car, home improvements, second house purchase or the holiday of a lifetime.

Remortgaging can allow you to get a better rate of interest and at the same time, reduce your monthly bills.

You can consolidate existing loans to one manageable monthly payment or raise money as stated above. Generally homeowners who wish to remortgage can find the monthly cost cheaper than taking out a personal loan or using credit cards. This is because the interest rates on mortgages are amongst the lowest of all different types of loans.

Your home may be repossessed if you do not keep up the repayments on your mortgage.