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Best Remortgage Deals - Contact C J R Associates NOW to find out more |
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Please refer to the specific Key
Features document provided by the Product provider. On this page you will find out about the following: |
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You own a property which is mortgaged to a building society or bank -
who lent you the money to buy the property in the first place.
You can change your mortgage lender the same way as you can change your credit card, your savings account, or change car etc. You do not move out of your property. It is simply a paper (or electronic) transaction whereby you borrow money from another mortgage lender to pay off your existing lender, and possibly raise some spare money at the same time. |
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There are three main reasons for remortgaging:- 1. To save money 2. To raise capital If your existing mortgage is (say) £58,000 then you may want to borrow £72,000 from a new lender, £58,000 of which will be used to pay off your current lender, leaving you with £14,000 - the capital raised - to spend or invest as you wish. Raising capital against the security of your home is the cheapest way to borrow money. 3. To switch to a different type of interest rate |
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CJR Associates can help you choose from hundreds of remortgage choices available Contact CJR Associates now to ask about remortgaging Please refer to the specific Key Features document provided by the Product provider. Please read our Terms of Business before proceeding further. |
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Perhaps the better question is to ask is when NOT to remortgage". Firstly, if you took out your mortgage within the last few years, there may well be an early redemption penalty payable to your current lender when you pay off the existing loan. If you are unsure of the details, ask your current lender. Even if there is a penalty to pay, your mortgage adviser can show you if it is still financially beneficial to remortgage. Secondly, if there is any imminent danger of redundancy, you are likely to be far better off staying with your current lender who will take a sympathetic view where you have a previously clean record of mortgage payments. see also the section on "Beware" which explains the implications for income support. If none of these constraints applies to you, NOW is the time to consider remortgaging and the many financial benefits it can bring. |
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You may have
seen many advertisements from lenders encouraging you to remortgage,
with incentives such as cash backs, free valuation, payments towards
legal expenses etc. But the advertisements you see represent only a fraction of what's available in the marketplace. Using the latest technology which provides a full mortgage comparison system, you can really find the best deal for you. |
| We always recommend that contact an independent financial adviser who can provide you with professional impartial advice and ensure that remortgaging is in your best interests at the present time. |
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Early Redemption Penalties Equally, pay particular attention to the early
redemption penalties that may be imposed by your new
lender. Income Support On remortgaging, you will be treated as a new borrower, which means that if you lose your income, the government will pay nothing for the first 9 months, and then interest will only be paid at a standard rate set by the Department of Social Security. If your own interest rate is higher, you will have to make up the difference from your own pocket. But, the good news is that there are now a number of excellent mortgage payment protection policies in the market which pay out during the first 9 months of accident, sickness or unemployment. You would be well advised to take out such insurance at time of remortgaging, when it is easy to obtain cover as the insurance companies are happy that someone would not be remortgaging there was any danger of redundancy. Insurance companies are very wary of people who decide to take out a protection policy at a later stage. Why are they suddenly doing this, is there an increasing likelihood of redundancy? |
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By remortgaging, you can make the same monthly payments to the new lender and find you pay off your mortgage years earlier than you would have done otherwise. Ask your independent mortgage adviser for full details. |
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No, certainly not. You may want to talk to your independent financial adviser, but you would almost certainly be advised to keep your existing policy in place. If you are raising capital when remortgaging, you can either take out a new policy in order to eventually repay the extra capital raised, or pay it off on a repayment basis. Your mortgage adviser can explain how the new mortgage can be "Part Endowment" and "Part Repayment." |
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Why not take out a further advance from my current lender if I want to raise capital ? |
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Many lenders will only provide a further advance at their standard rate. By remortgaging, you can pay considerably less interest in the early years on the money raised. |
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Please refer to the specific Key
Features document provided by the Product provider. |
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Contact CJR Associates now to find out more about remortgaging |
