Why switch your mortgage ?
In today’s competitive market, many borrowers choose
to switch their mortgage every few years in order to take
advantage of the new rates on offer. In simple terms,
remortgaging involves switching your current mortgage
to a new deal, arranged either with your existing lender
or with a new lender.
Reasons to switch mortgages
could be:
- To save money
If you’re paying your lender’s Standard
Variable Rate (SVR), it’s highly likely that
your existing lender will offer a better rate on other
available products. This could save you money on your
monthly repayments, or to repay your mortgage sooner.
- To raise money
Rises in your property’s value means you could
increase your mortgage to help pay for major outgoings
such as a wedding or your child’s university
costs, you may also wish to raise capital to buy a
second home here or abroad.
What are the steps involved?
Remortgaging is now easier than ever. With lenders competing
for your business there are many attractive rates on
offer. Normally there are costs involved such as solictors
and valuations, but there are many deals that pay for
this on your behalf, so to remortgage can cost you nothing.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
A life assurance policy may be required.
Written quotations available on request.
Harris & Associates Financial Consultants Ltd is an appointed representative of The On-Line Partnership Limited which is authorised and regulated by the Financial Services Authority
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