What is re-mortgaging?
Remortgaging is where you take out a new mortgage with a new lender on a property you already own and have a mortgage on. The new mortgage takes the place of the mortgage you originally had on the property.
What else should we be considering when we remortgage?
During the time when you arranged your current mortgage deal to considering your remortgage options, there may have been significant changes in your life such as:
- The birth of any children/children leaving home
- New jobs, increased/decreased income
- Savings increased/inheritance received
Based on any of the above changes then reviewing your mortgage is very important as it may be that you have an abundance of options and likewise your options may have been reduced. It may be that you can consider increasing your payments or extending your term, and it may be that you can reduce your mortgage considerably. Our advisors will be able to review your entire personal situation and advise you accordingly.
It is also recommended to review your life insurance policy at the time of remortgaging as if any changes to your mortgage are made, as well as changes to your life such as children being born, then the current insurance provision may not be right, and or you may need to increase your insurance provision to ensure peace of mind.