Remortgages

The most common reasons for a remortgage to be sought is for home improvements, such as a new kitchen or conservatory, or perhaps to add an extension your home or even pay for that special holiday or occasion. The term “remortgage”, or “mortgage switching” simply means switching your mortgage deal to either another deal with the same lender or indeed going to an entirely new lender.

Whether you wish to reduce your current monthly payments or release some capital, Pinnacle Finance & Business Services associates will do their very best to help you.

If you wish to consolidate current debts / credit card debts etc, remortgage options may be one method worthwhile exploring. This can make a great deal of sense as interest charges on personal loans and credit cards are normally higher than those applied to mortgages.

In order to be able to take an option of a remortgage you must however have some equity in your property in order to be able to do this.

Clearly, a remortgage will not be the most suitable option for everyone and there are essential questions that should be asked before proceeding, to ensure that this is the most practical solution for you. The potential savings need to be measured against the actual and exposed costs involved. If the options do not save you money or release the level of equity required then it is clearly pointless to continue

There are lots of questions that require a satisfactory answer before proceeding and these include:

• The level of interest to be charged on the new deal
• What will be the monthly mortgage repayments be?
• How much better will your new mortgage rate be?
• What types of remortgage deals are available?
• How do these deals work?
• What are the standard variable rates and annual percentage rates?
• Will you have arrangement fees to pay, and if so, how much are these?
• Do early redemption charges apply and if so, what are they?
• Can one only remortgage once?

With so many options available it pays to draw upon the experience of professionals.

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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your home.
The information provided is correct at the time of production (20.04.08)