A remortgage is the process of taking out a new mortgage on a property you already own. Our Cardiff Mortgage Adviser, there are many reasons why people re-mortgage their property including:
Buy Another Property
Loans, credit cards, school fees are all financial commitments where sometimes funds can be raised to pay of specific debts.
Holiday, Wedding, New Car
Are also some of the reasons why a you might wish to remortgage and release money from your home.
Change Your Mortgage Term
Many of the best deals offered by lenders only last a short time (2 – 5 years). When your current deal comes to an end, you will usually revert to the lenders Standard Variable Rate (SVR), which is often higher than the product you started with.
Your home may be repossessed if you do not keep up with repayments on your mortgage.
Think very carefully before securing debts against your home. Your mortgage is secured on your home. If you do not make your mortgage payments, you could lose your home.