Debt consolidating remortgage loan 16 dating 13
Also, by reducing your equity in your home you might not qualify for the most competitive mortgages.To find out how much you might be able to borrow as part of a remortgage, you can try our mortgage calculator.This can be a sensible option if you're confident your home improvements will add value to your property; if you're adding an extension, for example.It can also make sense if you're paying high interest on outstanding debt and you find you could save money by consolidating it and adding it to your mortgage.If you've been on a fixed-rate deal and it's just finished then your mortgage payments may have actually fallen.When you're suddenly paying less, it's easy to put off remortgaging. But there are some good reasons to think about switching.
When your existing mortgage deal ends, you'll usually be moved onto your lender's standard variable rate (SVR).
You can also get fee-free mortgage advice from London & Country to refine your options and find the right remortgage for you.
If you're on a variable rate mortgage - whether that's a tracker deal or your lender's SVR - you may want the security of a fixed rate.
Remortgaging to a fixed rate will mean that you'll know exactly what your monthly repayments will be for a set period of time - most commonly two or five years (although other deal lengths are available).
Another reason you might be considering remortgaging is to release equity in your home, perhaps to repay more expensive debt or to finance home improvements.
It's a good idea to think about remortgaging several months before your current deal comes to an end.