What is a Remortgage?
A remortgage is a new like-for-like replacement or additional loan that you take out on your existing property without selling it. It is most often used at the end of your current mortgage deal to save money on monthly repayments by securing a new deal with a competitive interest rate. This might be with the same lender you are currently with, or with a different one, depending on the best result for you.
However, a remortgage can also be used to raise additional funds secured against your property as a very cost-effective form of lending.
Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
- making improvements to your home such as extending or developing further
- raising a deposit to purchase an additional property such as a buy to let
- debt consolidation
- financing a large one-off purchase such as a wedding
There are a number of different ways that additional funds can be raised against your home including, a further advance from your existing lender, unsecured loan or second charge mortgage.
Our team can help you to determine which is the best option for you, and then source a lender and product to meet your needs.
Help is at hand
If you are considering moving your mortgage to a new lender either to secure a better rate or raise additional funds, Aspire Financial Services can help to assess whether a remortgage is the right option for your individual circumstances
Get in touch for independent advice on whether a remortgage is possible and the most suitable product for your circumstances.
Book a free 30-minute introductory call.