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Save money from Remortgaging

Millions of British consumers would save themselves money if they decided to remortgage, according to recent research from Abbey.

The banking group reports that there are around five million people around the country who are aware that they could have a better mortgage deal and are paying out an extra £5 million each day collectively as a result of their uncompetitive arrangements.

Remortgage now to save "hundreds of thousands"

UK homeowners are being urged to consider the option of a remortgage, which could result in savings of hundreds of thousands of pounds.

With many building societies counting on borrowers to remain static, people could make significant savings by taking out a remortgage with a competitive lender.

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Generally speaking the aim is to arrange a new mortgage, pay off your existing lender and hopefully gain some additional capital in the process. It is a perfectly legal way, of saving yourself some money and raising some fresh capital. Usually a remortgage involves switching lenders as most mortgage lenders will not offer a remortgage scheme to existing customers. More »

Why Remortgage?

There are many reasons why you might consider switching your mortgage.

They include:

• You're simply looking for a better rate! With so much competition and new mortgage deals appearing monthly why not try and find a better rate of interest and save yourself some money?

• It allows you to consolidate any outstanding debt that you may have.

• You might want to release capital for home improvements.

Are there any disadvantages to remortgaging?

Releasing equity from your home can be an extremely tempting option, especially for those looking to consolidate existing loans.

However you must keep in mind that you are turning a short-term unsecured debt into a long-term secured debt and if you run into problems in the future with repayments, your home could be at risk.

In addition most UK lenders may require a 5% or 10% deposit, so you should work out what the chance of any equity release is at all.

Read about more remortgage problems and issues.

Remortgage offers and deals - Points to remember

• Shop around to find the best rates - it will not necessarily be the bigger lenders that offer the market-leading deals as products change all the time.
  
  See our Remortgage Lender Comparison
  
  

• The internet and UK national newspapers often carry best buy tables of mortgages which can be a useful information resource.

• Alternatively, seek the help of a fully independent broker who can advise you on the right type of mortgage for you and search the whole market for the best deal.

Today's Recommended Remortgage Broker is:

 Get a free Remortgage Quote from Enable Finance >>
Enable Finance are UK Mortgage & Loan specialists providing comprehensive advice regardless of your personal circumstances. Remortgages with enable finance have been designed to be easy and straight forward. Ensuring your remortgage goes through as quickly as possible. If you are looking for a remortgage, have had bad debt and wish to consolidate your debt or wish to release equity for any purpose a remortgage or bad credit remortgage in the UK could be for you. Apply now for a fast decision.