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Remortgages & Remortgaging property
Remortgaging is the act of moving your mortgage to a
new lender or changing to a new mortgage with your
current lender, without moving home.
The full range of mortgage types are available for
remortgaging, including variable, fixed rate, discount,
capped and flexible mortgages. Those mortgages targetted
at the first time buyer will not be available to those
wanting to remortgage.
A common reason for remortgaging is to take advantage of
the fierce competition in the mortgage market and obtain
a more competitive interest rate. Mortgage lenders are so
keen to get your business that they will often offer
deals that result in them losing money in the short term
just to get you on board as a new customer. They then aim
to make a profit from you over the long term.
Some of the more common reasons for remortging
include:
- to get a better mortgage rate in order to reduce
monthly outgoings
- to consolidate debt, such as outstanding credit
card balances
- to meet home improvement costs, such as a new
extension
- to finance a business loan
Before you decide whether a remortgage is the right
way forward, you should take into account a number of
potential costs that you may incur as a result of
remortging.
- Legal Fees
- Valuation Fees
- Arrangement Fees
- Solicitor Fees
- Early Redemption Penalties
- Mortgage Indemnity Guarantee
The good news is that no stamp duty is payable on
remortgages.
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