Swerve Punitive Unsecured Loans And Consider Remortgaging For Refinancing

Remortgages are attractive to homeowners for a range of reasons

. One of the most common is to try and lower interest rates which mean that the monthly repayment on the mortgage would also be lower. If you have been on a mortgage with an introductory rate for some time, you may wish to remortgage at the end of your existing deal.

However, remortgages are not only taken out at this time. Some people may look to remortgage for other reasons than just to save money. There are no rules on when you can take a remortgage, however there may be clauses in your existing mortgage that could cause you to incur costs for doing so.

A remortgage does not just occur when your existing mortgage deal finishes. A homeowner can choose to remortgage at any time. There is no limit or boundary on who can, or when a person can remortgage their home, although some costs may be involved.

For example, you may be on a high fixed rate and interest rates have fallen significantly since you took out your deal. By shopping around for a remortgage deal you may be able to save a significant amount on a monthly basis even if your existing deal isn't about to end.

It is usually the case that mortgage lenders will add a penalty clause to create additional obstacles for their clients to remortgage and to make sure that they do not lose out on potential profits, if a client decides to terminate their contract before the term of the loan has expired.

Many mortgage lenders attach 'early repayment charges' to their mortgage products in order to ensure they don't lose out financially if borrowers decide to redeem their mortgages early.

As well as costs to your existing lender for ending your mortgage deal there are likely to be costs associated with the new remortgage deal. These can include arrangement fees, valuation fees and conveyancing charges. When deciding whether a remortgage is financially viable it's important that you take all the costs into consideration.

When equity is built up in your property, remortgaging can often allow you to release that money so that you can improve the property by renovating and redecorating, or adding new features such as a conservatory, refurbishing the kitchen or converting the loft into a new bedroom for guests.

Most people find it hard to keep control of such debts and lenders know this full well, a prudent borrower is no use to credit card companies. It is often the case that borrowers will have taken out both credit cards and store cards, which both carry very high interest rates.

Debts that are held with a variety of creditors can often be difficult to keep on top of, and interest rates can vary from month to month which may mean that repayments are not fixed and fluctuate making budgeting difficult. Consolidating debts with a remortgage can remove this issue and monthly repayments can be fixed so you know what you're paying from one payment date to the next.

by: Howard Ogollegos

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