A Good Time To Remortgage

There are three good reasons to look to remortgage your property.

1. If you want to take advantage of new interest rates or your old deal is coming to an end.
2. When you need to increase your loan to pay for improvements, extensiond or serious repairs.
3. When you want to change the terms of your mortgage by extending the repayment timeframe or adding another person to the mortgage for example.

Watch out for these issues when Remortgaging

• Costs of exiting your old deal plus the one off costs of the remortgage can be very expensive.
• Can you get the same benefits from your current mortgage by negotiated variations. Try and talk to the company you are with
• Beware hidden conditions that come into play in 2-4 years time such as nnew interest rates.
• Do not do anything you are uncomfortable with, chew over the offer and look gift horses in the mouth.

Is a second mortgage the same as remortgaging?

• No they vary so ask your provider to explain all the issues – they are paid to be experts so use their knowhow for your purposes.

Is a remortgage a special kind of mortgage?

• Not really you are getting a new mortgage if you swap providers and they will go through the normal issues and paperwork.
• If you are staying with the same provider then technically you are remortgaging ie swapping the terms of one mortgage for the terms of a new mortgage.

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