Today`s competitive mortgage market can make switching your mortgage a beneficial option in many different circumstances. There are many good reasons to consider refinancing. Perhaps your financial circumstances have changed, you`ve started a new job or maybe you are dissatisfied with your existing lender or your current mortgage fixed rate period is coming to an end. Maybe your current mortgage no longer suits your needs, whatever the reason First Choice Finance can examine your individual circumstances and start the search for a new mortgage suitable to your needs, with an extensive panel of lenders and a team of qualified mortgage advisers we are able to help you through the switching process.
When to switch mortgage?
Switching your current mortgage or lenders (or both) could be the answer. but it is important to consider your current financial circumstances ask yourself the following questions:
am I happy with my lender?
do I need reduced or added features with my mortgage?
am I paying too much on my current mortgage?
has my interest rate changed or gone up?
have my financial circumstances changed?
Be clear about why you want to change your mortgage. Decide the type of mortgage you want, list the required features and do your sums to make sure you won`t be worse off in the long-term. First Choice Finance offer qualified mortgage advice and will help you calculate the figures giving you free quotes on the different mortgage options, allowing you to consider changes in payment if you change mortgage term or the amount you are borrowing.
What is a remortgage?
You may have heard the term `remortgage` mentioned when looking for loans or finance, but rather than be left wondering `what is a remortgage?`, get in touch with First Choice Finance and we will explain in plain language the various homeowner loan and mortgage products available.
What can catch some people out is that remortgaging usually means one of two things, both of which are slightly different.
One form of remortgage can also be described as switching, as you`ll probably move from one mortgage provider to another in search of a better rate and therefore lower monthly repayments at the end of your current deal. Many homeowners will do this once they come to the natural end of their existing deal.
Some may choose to do it earlier, although this can often come with an early repayment charge associated. Your first choice finance adviser will include this when working out which remortgage plan and lender best suits your circumstances associated and if there is a saving overall. Alternatively, remortgaging can mean taking some of the equity out from your home so that you have funds to spend on almost anything you like. This can be a very special treat for you or your family, a chance to reinvest the money into your property through repairs or home improvements or simply to buy an essential item such as a new family car.
On the other hand a debt consolidation remortgage can use the equity taken to pay off your existing unsecured debts, personal loans or credit cards, leaving you with a single more manageable repayment to make each month. Although you may end up paying more interest back over the period of the consolidation remortgage.
Don`t be left wondering `what is a remortgage?` ‚Äď contact First Choice Finance and we can find the most suitable one for your circumstances. Enquire on line at firstchoicefinance.co.uk, call 0800 298 3000 from a landline or 0333 003 1505 from a mobile and we will do our best to help.
Homeowner Secured Loans
Rates From 7.1% APRC
Representative Example ¬£30,000 over 72 months @ ¬£679.90 repayments. Total payable of ¬£49,949. 20.1% APRC including ¬£2,975 intermediary fee and a ¬£995 lender fee. Loans secured on property.
First Choice are tied to certain loan providers.
Mortgages & Remortgages
Borrow ¬£80,000 over 25 years
At 4.6% Variable, ¬£461.95 for
300 months. Total Payable
¬£138,585. Total Cost Of
Credit ¬£58,585 (incl ¬£1360 fee).
Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on
Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014-2018.