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Why Remortgaging Could Be The Best Financial Option In Tough Times

Why Remortgaging Could Be The Best Financial Option In Tough Times

There are many reasons why people may look to remortgage their home

, but it seems that many do not review their mortgage on a regular basis, which can be very harmful to your financial situation. Here, we look at the reasons behind remortgages and how they can improve your cash flow.

However, there are often countless excellent reasons why it is worth remortgaging your home. With an uncertain economic future, saving money and keeping a close eye on your household finances is as important as it has ever been. With dozens of lenders and hundreds of remortgage products in the market, it may well be advisable to consider taking a new mortgage deal with your existing lender or switching your mortgage to another bank or building society.

It is vital before you start looking for a remortgage, that you take a good look at your current mortgage deal. You should know your current interest rate, the product type (i.e. fixed rate, variable rate), and where there are any fees to exit the mortgage. It is also advisable to think about the service levels of your existing lender - have you had problem after problem with them, or has it been a smooth ride?

You need to assess whether or not what you are paying when compared to other deals in the marketplace seems competitive. To do this you'll have to compare your current deal with others out there.

The days of customer loyalty to banks and building societies are long gone. Banks are increasingly interested in attracting new business and so increasing numbers of customers are being 'rate tarts' and regularly shopping around for the best deal. Don't automatically assume your bank has the best deal for you, and if they are not prepared to offer you an incentive to stay, it's time to start looking elsewhere.

Speak to your current lender to establish whether they have a mortgage deal that is better than your current product. And, as well as changing your mortgage deal you may also want to ask your lender if they are prepared to offer you an additional loan, for example to consolidate other borrowings such as a loan or credit cards.

Once you have this, you can approach other lenders to see what mortgage deals are available elsewhere. By doing this, you may be able to cut as much as 1% or 2% off your existing interest rate, depending on the type of deal that you go for. This can make a huge difference to your monthly mortgage repayments.

By taking out an additional loan on your mortgage in order to consolidate your credit card debt you can substantially reduce the interest rate on your borrowing. You can also reduce your monthly repayments by spreading the payments over a longer period of time.

An additional loan or remortgage can also help you if you need an injection of cash in order to start a new business. As long as you have some equity in your property you may be able to release some of your home's value to provide the money you need for your venture.

Experts suggest that you should review your mortgage arrangements at least every four to five years. Often, you will find that switching your home loan from one bank or building society to another can save you a significant sum as well as giving you the opportunity to borrow additional funds to start a business or to consolidate your debts. Don't automatically be loyal to your current lender and always shop around to find the very best deal.

by: Howard Ogollegos
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Why Remortgaging Could Be The Best Financial Option In Tough Times