The Benefits of a Remortgage

Posted on: July 25th, 2014 by firstandsecondmortgages No Comments

What are the benefits of a applying for a remortgage?

  • You could get a lower rate. It is worth looking at your mortgage at least once a year and comparing it to other deals on offer to make sure you are not paying too much.
  • Choose a more secure deal. If you are on a variable rate and interest rates rise, you may want to consider remortgaging to a fixed rate. This anchors your monthly payments down to a set level, so you can rest assured you will not pay more when interest rates increase.
  • Make home improvements. Extending a house, renovating a kitchen or bathroom can add to the value of a property. First and Second Mortgage offers special rates to homeowners who want to remortgage to make home improvements.
  • Find a flexible mortgage. Remortgaging to a flexible deal means you can pay off your mortgage in a manner that best suits your lifestyle. Flexible features, such as the ability to underpay, overpay and take payment holidays, can be very useful especially if your income has gone up and you want to pay off your mortgage early, or you are taking a career break to look after your children.
  • Consolidate your debts. If you have a lot of credit card and personal loan debt, you could potentially reduce your monthly payments by consolidating your debts into your mortgage. This is because the interest rate on a mortgage is often around 10% lower than the interest rate on a credit card.
  • Raise some capital. You may want to free up some cash to finance a one-off purchase, such as a car, or to buy a second home abroad.
  • Get a better service. Nowadays, the mortgage market is very competitive. If your current lender isn’t keeping you happy or the service isn’t up to your standards, move on.

Whether you are buying, renewing, or refinancing a mortgage contact First and Second Mortgages at 1-866-405-1228 and get started now.

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