Why should I Remortgage?
There are multiple reasons people choose to remortgage, this could be releasing equity to pay for home improvements or consolidation of debts. Or it could be simply to get a better rate and save money.
When should I Remortgage?
Ideally, you want to be looking to remortgage around 3 to 6 months before your current mortgage is due to end. This will give enough time to research and get the new mortgage set up and ready to begin just as your last deal ends.
Can I Remortgage to pay off debt?
Yes, you can remortgage to release equity in your home and then use the generated lump sum to pay off any unsecured debt. If you do not have much equity within your home, you could still remortgage and look for a better rate so that you can save money each month to put towards paying off your debt. Always speak to a mortgage advisor before securing debts against your home as you are likely to end up paying back more interest in the long run, although your initial monthly payments can often be much lower.
How long before I can Remortgage?
Usually, you will have to wait at least 6 months after you buy a property before you can remortgage if you bought it for cash.
How many times can I Remortgage?
Most homeowners remortgage several times in their lifetime and there is no restriction on the number of times you can do this. However, if you are looking to remortgage whilst you are still tied into a deal with your current lender then you would have to factor in paying an early repayment charge for settling early.