Your home may be repossessed if you do not keep up repayments on your mortgage.
Think carefully before securing other debts against your home.
When you remortgage, you are switching your mortgage to another deal, and frequently, another lender.
Remortgages can be used for various reasons. Most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could get a discount, or a lower interest rate, with another lender. Other individuals may use a re-mortgage to consolidate their debts.
It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower interest rate, you must take into consideration the facts that:
Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.
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