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?` – 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.