Mortgages and Remortgages
UK, USA, Canada
A remortgage could be the
solution you are looking for if you are under the belief that
your existing mortgage is costing you too much money. It may
also come in useful as a borrowed lump sum that can be used
for other expenses. A good remortgage can potentially result
in significant long term savings, mainly due to differences
in interest rates. For example, if your current lender issued
a mortgage with a low introductory interest rate which increased
to a higher rate after a certain period, a remortgage may
be a suitable method to maintain the lower interest rate.
Debt consolidation is also
a good purpose for a remortgage, provided that the remortgage
value is higher than the balance on the borrower’s existing
mortgage. If you have already paid off a significant amount
of your existing mortgage, you may wish to instead consider
an equity release plan, of which two types are available:
• The Home Reversion
Plan – Upon confirmation of the sale of a portion of
your home, your loan is redeemed. The interest that the lenders
receive takes the form of the increase in the value of your
property.
• The Equity Release Mortgage Plan - this is similar
to a standard mortgage, but the main difference is seen in
the way that interest does not have to be paid monthly. You
can borrow an agreed sum of money against your home, and not
pay any interest until the property is sold. It is at this
point the lender redeems the loan, plus any interest that
has been accrued.
Check
out our Mortgages
and Remortgages
Need Protection?
- Use Mortgage
Protection Insurance
Libra Finance
Loans UK
|
