In the mortgage market around one third of mortgage loans are for home owners who are looking to remortgage their property. Re-Mortgaging means taking out a new mortgage against a property you own to replace a mortgage already in place or to borrow money against a property you own.
London Re-Mortgage Brokers
Just like when you are buying a new home and need a new mortgage, for those people looking to remortgage a mortgage broker is the best person to advise you on the deals available to you and your particular circumstances. Ensuring you have the right finance for your home is probably one of the biggest financial decisions you make and getting the best rates or the right product for you is very important.
London Re-Mortgage Reasons
With London being a property hot spot there is a lot of competition for homes and also a huge variety of home finance deals available for those looking for remortgage deals in London. Depending on your reasons for wanting to remortgage your home and your future financial goals will inform the type of finance deal you need.
Here are a few common reasons why London Homeowners re-mortgage their property
- A current mortgage deal has come to an end. Many London homeowners have fixed length rate deals and when the deal comes to an end they look for the same or better rate mortgage to replace the one they have. With many deals lasting between 2,5 and 10 years remortgaging can become a common part of managing your finances for many Londoners and mortgage brokers will be able to help find the best remortgage deals.
- To save money. We all want to pay a little as possible for our mortgages so re-mortgaging to find a better deal can save many London homeowners thousands of pounds. By working with a London Mortgage Broker you can take a look at the deal you are currently on to ensure any early repayment charges or other fees on your current deal are taken into account when you are looking for a better rate.
- Find a better rate, this is a similar reason to saving money, but if your home as increased in value since you bought it then you may find you are in a lower loan to value ratio and so lower interest rates have become available to you. Because the lower your LTV ratio the better the rate available it may be worth considering adding some of any savings you have to save substantially more on your mortgage rate.
- To do home improvements. Whether it is a new kitchen, bathroom or extension remortgaging your property can be the most cost-effective way of releasing the money to do the work you want.
- To find a more flexible mortgage product. Perhaps you have decided to go freelance or start a new University Course finding a mortgage product to match your life may be very important, there are mortgages that let you take payment holidays or overpay when you are earning more so you can be a little more flexible in your life. There are also a range of mortgage products that can link up with your savings accounts offering different ways to get the best rates at different times.
- To consolidate debt. Mortgages often have the lowest rates of all types of financial products so if you are looking to consolidate a range of debts and own your own home one of the best and cheapest ways to pay it back is to remortgage to include the amount of debt you want to consolidate.
Whatever the reason you want to remortgage your London Property, and there are man more than we have listed, contact the experienced team at Rosebank Mortgage Brokers to find the best deal to for your personal circumstances.