Remortgaging means that we are taking a new mortgage to repay an existing one.
As time passes, the appreciation in property rates raises the home equity available at the disposal of the homeowner. Remortgaging utilizes this increase in property valuation to get a better deal on debt, or some extra money. Remortgaging does not involve selling or changing homes, but the debt may be transferred from one lender to another.
There are instances, when we require funds for some new construction, such as an extra bathroom, new kitchen, additional bedroom etc. Many times we find that some of our existing borrowings, charge higher rates of interest than those charged by our mortgage lender. In such cases, we can use the additional home equity available with us to provide funds and ease the repayment burden by remortgaging.
UK, in recent times has seen a sharp decline in mortgage rates. Therefore, more and more homeowners having existing mortgages, are applying for a remortgage to take advantages of the lower rates.
Remortgaging has become an easy process due to the increasing use of information technology in the lending process. People can now apply online...
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