Re-Mortgaging Look Into It

Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.

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Consider Re-Mortgaging: Why It's Worth Looking Into


Are You Paying More Than Necessary?


If your mortgage has been around for a few years, do you even know your current interest rate? It's easy to forget about it once the initial deal is set, but if you're on your lender's standard variable rate, you could definitely save money by re-mortgaging.

Why Re-Mortgage?


Re-mortgaging isn't complicated, and many people are doing it regularly. Beyond potential savings, there are several reasons to consider it:

- Home Improvements: If moving isn't an option due to rising house prices, a re-mortgage can finance home improvements to better accommodate a growing family.
- Buy-to-Let Investments: Property investors could reduce their interest rates through re-mortgaging, enabling them to make necessary repairs or expand their property portfolios.

Real Savings


For example, a monthly payment of £540 could drop to £353 by switching from a standard variable rate to a discounted deal, potentially saving 2.25% in interest.

Convenient Packages


Some lenders offer re-mortgage packages with no fees and free property valuation, and they might even cover standard legal work.

The Process


Switching your mortgage typically takes about six weeks. Be aware that your current lender might charge a fee, approximately £300, to release the deeds, plus a £25 fund transfer fee.

Mortgage Types


Here's a quick look at the basic types of mortgages:

- Repayment Mortgages: Traditional and straightforward.
- Interest-Only Mortgages: Pay interest only, with options to pay off the principal later.
- Flexible Mortgages: Offers more payment flexibility.

Interest Rate Options


- Standard Variable Rate (SVR): Fluctuates based on economic factors. Current rates are historically low.
- Fixed Rate Mortgages: Stable payments, but may include early repayment charges.
- Capped Rate Mortgages: Sets an upper limit for interest rates, providing security but generally with higher rates.
- Discounted Rate Mortgages: Offers short-term savings by reducing the lender's variable rate for a fixed period.

Other Options


Tracker, cashback, and flexible mortgages are also available, with the current market offering competitive deals.

Finding the Best Deal


For personalized advice, consider consulting an online broker. They provide access to a wide range of deals and companies, helping you find the best fit. Plus, you can benefit from online discounts.

In conclusion, now is an excellent time to explore re-mortgaging. With potential savings and improvements in financial flexibility, it's worth considering the opportunities available to you.

You can find the original non-AI version of this article here: Re-Mortgaging Look Into It.

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