Re Mortgage

Raise Additional Funds by Re - Mortgaging

Borrowers on a fixed or discount rate will move onto the standard variable rate at the end of the fixed or discounted rate period. If there is no extended tie in period where early repayment charges apply then it may be wise to consider re-mortgaging to take advantage of another fixed or discounted rate with another lender.

Re-mortgaging may incur some cost so initially it is worth checking with the current lender to see if they are prepared to move you to one of their fixed or variable rate deals. Benefit and cost need to be weighed up carefully to make sure its worthwhile - the benefit of a lower monthly payment could be outweighed by re-mortgaging costs such as legal fees, arrangement fees etc. Many lenders encourage re-mortgaging by refunding/waiving fees or offering cashback on completion to cover the costs.

As well as securing a lower monthly payment a re-mortgage can be useful for raising additional funds for home improvement, debt consolidation, equity release etc.

Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.

To search for the best re-mortgage deal in the UK click here.

Your home may be repossessed if you do not keep up repayments on your mortgage. Memigo Money provides information but does not sell or provide advice on mortgages or their suitability. There may be a fee for mortgage advice; the precise amount depends on your circumstances.

For adverse credit mortgages the overall cost for comparison will vary, the actual rate available will depend upon your circumstances. Ask for a personalised illustration.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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