Remortgages – Worth The Switch?

| Total Words: 423

Its becoming more popular to remortgage your house these days all this means is switching to a different mortgage and sometimes a different lender to take advantage of a better deal.

If your circumstances have changed since you first took out your mortgage, you may find you want to switch to a new mortgage that better suits you. Likewise, if you chose a mortgage with a special rate for the first few years, once it reverts youre paying more than other mortgages. So it can save money to remortgage, but there are a few things to consider first:

Charges

Are there early repayment penalty charges attached to your current mortgage? In some cases it can still be worth changing the difference in interest paid in the long run could more than cover the cost of any penalties incurred.

Fees

You will have to anticipate all the associated costs of taking out a new mortgage, including a valuation fee for a surveyor, solicitors fees and any charges for arranging your new mortgage. Some deals offer cash to help cover costs, or fee-free deals; you should balance the total cost against what you would save in interest to see if it really is worth...

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