Lower Payments

 

Choosing a new mortgage can be a daunting task. There are so many decisions and so much choice it is important that you are certain that the mortgage you choose is the right one for you. 

 

If you took out a fixed or discounted rate mortgage you may now be coming to the end of the fixed or discount rate period and your mortgage will revert to the lenders standard variable rate. At this point you should consider whether there are any better deals available.

 

It is in every borrowers interest to check their loan arrangements regularly. The size of the mortgage loan means that a small difference in interest rates can mean quite a large difference in the mortgage repayments.

 

 

  

Home Improvements

 

Some lenders will seek to retain their clients by offering follow on discounts or fixed rates. Before accepting these rates you need to look at what other lenders can offer.

If you want to raise capital for home improvements or to buy a car, then re-mortgaging may offer the prospect of some low interest finance.

 

This arrangement may suit you as it will make capital available for a low monthly outlay. The additional capital will be added to your existing mortgage and paid off over the mortgage term. This will mean that over the mortgage term you will pay more in interest.

 

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Debt Consolidation

 

You may have built up debts on a credit card or personal loan. These sources of borrowing are likely to charge much higher rates of interest. Remortgaging can be used as a means of consolidating your debt into a lower, single monthly payment.

 

You should consider that you will be moving borrowings that are 'unsecured' to your mortgage which is secured against your home.

 

The additional capital borrowed will be added to your existing mortgage and paid off over the mortgage term. This will mean that over the mortgage term you will pay more in interest.

 

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.


The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. Gower Mortgages is a trading Name of The ER Network Limited which is an appointed representative of Intrinsic Mortgage Planning Limited and Intrinsic Financial Planning Limited which are authorised and regulated by the Financial Services Authority.


Gower Mortgages is an appointed representative of Intrinsic [Financial/ Mortgage] Planning Limited, which is authorised and regulated by the Financial Services Authority. Intrinsic [Financial/Mortgage] Planning Limited is entered on the FSA register www.fsa.gov.uk under reference [440703/440718]