What is remortgaging and why would you do this?
Remortgaging is switching your mortgage from one provider to another. Usually you would do this to cut you monthly repayments, pay off debts or reduce the term of your mortgage. The main reasons you would move your mortgage to another provider are:
- To get a new cheaper mortgage at a lower rate. This will reduce your monthly repayments and you will have some extra cash - this could be used to make improvements to your home, or to pay off other debts
- To release some of your home’s value. It enables you to spend this now, rather than having to sell your home and move out to access it’s worth
- To extend the term of your mortgage. If you pay it off over a longer period, the monthly repayments will be lower. (Though the amount of interest you pay will increase
- To reduce the term of your mortgage. If you find yourself with more money (after a pay rise for instance), you could increase your monthly payments – meaning that you will pay less interest overall and be mortgage-free faster
What can we do?
Here at Niche we can take the hassle out of remortgaging. We act on your behalf, taking into account all your personal circumstances and finding the right solution. We shop around all the different providers and will find the best rate for you. All the paperwork will be filled in and dealt with by us, ensuring that your new mortgage is set up without any inconvenience to you.