Remortgage
Why remortgage?
These days most mortgage lenders offer mortgage deals which are for a fixed number of years - whether a fixed rate, discounted rate, or tracker rate, and normally 2, 3 or 5years. At the end of this deal period you are automatically switched onto their Standard Variable Rate (SVR) which can often be as high as 8% - which is why it is often necessary to remortgage.
For example:
An average low cost remortgage rate today might be 5.5%, so if you’re paying an SVR of 8% on a mortgage of £100,000 it is costing you around an extra £2,500 per year in interest that you could save if you were to remortgage. (8% - 5.5% = 2.5%. £100,000 x 2.5% = £2,500)
The majority of people look to remortgage every two or three years to ensure they always have the lowest cost mortgage available. If you remortgage every few years it also gives us an ideal opportunity to re-assess your finances, to review your current situation and work out the best way to clear your debt in the longer term, whilst ensuring you have sufficient monthly disposable income to meet your needs in the short term.
We have vast experience in mortgage loan refinancing in Britain, why not find out how much a remortgage can save you right now - just request a call back or make an appointment!
Areas covered include: Wetherby, Tadcaster, Boston Spa, Collingham, Kirk Deighton, Leeds, Harrogate, York...
Print this pageYou are here: Home » Your Situation » Remortgage
Previous Page: Bridging Finance
Next page: Buy to Let