What is a Remortgage?
A remortgage is the process of paying off your current mortgage lender with the proceeds of a new mortgage obtained from a different lender and in most cases, you would be using the same property as the security. A remortgage usually takes less time than a mortgage for when you are buying a new house, however the process is pretty similar.
The remortgage guide helps you find the best remortgage deals with the lowest interest rates, so you can switch to a deal that would best suit you and save you money.
What is a Remortgage Calculator?
A remortgage calculator is quite simply an affordability calculator for you to calculate how you could borrow through a remortgage.
Key Questions around Remortgages
Remortgaging allows you to move from one lender to another without moving home. You could reduce your monthly payment by fixing a term at a lower rate. You could use an equity built up in your home to borrow more to fund home improvements, buy a new car or even to invest in another property.
Remember increasing the value of your mortgage will likely mean your monthly payments go up.
A remortgage calculator lets you find the amount you could borrow, get in touch with Morfinity for expert advice and the best remortgage deals available.
Statics show that people save up to £5,000 through remortgaging. People usually opt for remortgaging to save money because, in certain circumstances it could be the best available option, especially when it’s a lower rate or the product has greater flexibility.
Most lenders offer a low-interest rate on a new mortgage, and when the year ends, they move you to the usual rate, so it is clever to look for remortgaging options to save some money.
Yes, you can, reviewing your current mortgage could be one of the best financial decisions you make, not only does it give you an opportunity to assess how your current deal compares with the market but it could also be an opportunity to for you to consolidate, reduce your monthly payment if you get a better deal/rate, repay any expensive debt or use any equity that’s built up in your property to borrow more.
It depends on your personal circumstances, with lenders requirements changing daily you could find a better deal that helps you reduce your monthly payment, then why not!
A remortgage calculator is an affordability tool that helps you work out how much you could borrow through a remortgage it’s based on factors such as the term, current product rate, equity in the property and overall term of funding required, a great tool to help you find a better mortgage deal and save money.