Remortgage for equity release or to save money.
Different reasons for remortgaging.
The most common reasons for remortgaging you home are:
Remortgaging to release equity.
If your property has increased in value, you may be able to get extra funds for all kinds of projects.
If you are a parent and want to help a child get onto the property ladder, remortgaging to release equity in your home could help to provide a deposit.
Funds released can be used to pay for home improvements, or a new extension to your home.
If you are nearing retirement, the extra funds locked up in the value of your home could make a big difference to your pension income.
Remortgaging your home could save you money.
If the equity in your property has increased, you may be able to get a better rate of interest.
If you have a loan at a high rate of interest, you could look for a lower rate and start paying off the debt.
A lower rate of interest can reduce your monthly outgoings.
If you have a high percentage of equity in your property the interest rates on offer are likely to be lower.
Many mortgages revert to lenders standard variable rates after initial deals are finished, so this can be a good time to look for another deal.