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Residential Mortgages > Remortgages

There are three main reasons why people choose to remortgage, the first is simply so they can take advantage of lower rates offered by another mortgage, the second is to change the type of mortgage to one that better suits their circumstances, while the third is to release some of the equity in their home to give them the cash to do what they like. Whatever the reason you want to remortgage for, we at Loans UK can help you with our mortgage enquiry service, you simply tell us a few details and our brokers search for the best deal on your behalf.

Competition in the mortgage market has led to increasingly lower interest rates and a multitude of special deals and limited offers, this is all well and good for those looking to take out a mortgage, but if you already have your mortgage in place then you may feel that you are missing out. Remortgaging can open up these options to you, and allow you to take advantage of the deals and save yourself money.

A remortgage pays off you outstanding current mortgage and is itself then secured against the value of your home, you then make monthly repayments on this new mortgage. When remortgaging you have a number of options available to you, for example you could choose to shorten the repayment period in order to clear your mortgage sooner, or spread the repayment over a greater period so as to reduce the amount that you have to repay each month.

When remortgaging it is possible to get access to some of the equity that you have tied up in your property, this is done by taking out the remortgage for a greater amount than the outstanding mortgage is for.

This does effectively increase your mortgage however, although if you do need the money then it is a good way to get a large amount of money, usually only limited to the equity there is in your home.

The most popular reason for choosing to remortgage is to take advantage of the lower rates offered in the current market. When this is your aim then you need to take several things into consideration before making the switch to ensure that you will actually save money by doing so. One of the most important things to check is if your current mortgage has any fee associated with early repayment, this type of fee isn’t uncommon and it could affect whether any potential savings you may see when switching.

If you are looking to remortgage in order to take advantage of a lower interest rate, with the intention of saving yourself money in the long run, then there are couple of important things that you should check before you go ahead to ensure that you make the savings that you are looking for.

Firstly you need to be sure that the interest rate of the new mortgage is sufficiently lower in order to save you money, and if it is an introductory rate only – if so you need to be sure that the standard rate is also lower than your current rate.

The second thing to check is if there are any charges and other costs involved in the arrangement of the new mortgage, and also with the finalising of your existing one. It is not uncommon for lenders to charge a fee for early repayment, and you need to be sure of this as it may affect the amount that you are saving by making the switch.

Besides taking advantage of lower rates of interest, remortgaging can also be used to free up some of the equity that is tied up in your home, giving you a cash amount to use for whatever purpose you wish, be it for home improvements, buying a new car or even simply clearing debts from credit cards and other loans. The amount of money that you can get through a remortgage will depend on the current value of the property and how much outstanding mortgage you have, generally speaking you will be able to access between 80-110% of the equity, which is the value minus the outstanding debts secured against it.

Whether you are looking to remortgage for equity release, to move to a more flexible or suitable mortgage type or simply to take advantage of a lower rate of interest we at Loans UK are here to help. Our service is free, independent and impartial, meaning we are not tied to any one lender and can search the whole UK mortgage marketplace to get you a great deal.