If you are in debt, remortgaging your house could be the lifeline you’re looking for.
It could help you reduce your monthly payments or allow you to consolidate your debts but it's vital that you get the right remortgage advice. And that’s where Simple Debt Solutions can help.
Our fully trained debt advice team are available 9.00am until 9.00pm 7 days a week on 0800 389 5959. They’ll listen to your debt problems with a sympathetic ear and will be able to give you access to a select number of authorised remortgage specialists who operate the same ethical code of conduct as ourselves. With your agreement, we’ll pass your details onto one of these companies who will be able to offer you the professional advice you need.
What is a remortgage?When you choose to remortgage your property, you are simply switching your mortgage to another deal and most usually another mortgage lender.
People choose to remortgage for lots of different reasons. Some of the most common are:
1) They are just looking for a better remortgage interest rate that will reduce their monthly payments.
2) By remortgaging they can consolidate any outstanding debt that they may have. This can make their budgeting easier although in the long term it can increase the amount of interest paid.
3) Remortgaging allows people to release some capital in their property to fund home improvements or other large capital expenditure.
Why remortgage?These days, most mortgages are fixed for a certain period of time. Typically this will be 2-3 years. When this fixed period comes to an end, mortgage holders will have to choose a new mortgage deal or their mortgage will automatically revert to the mortgage lender’s standard variable rate. This is usually considerably higher than any special deals on offer.
The disadvantages of remortgaging
When you remortgage, there is sometimes the temptation to release some of the equity from your home - especially if you are looking to consolidate some existing loans.
However it is important to remember that in doing so you are turning a short-term unsecured debt (credit cards are an example of unsecured debt) into a long-term secured debt (secured on your house) and if you get into problems in the future with mortgage repayments, your home could be at risk.
Remortgage – Some points to remember1) Always shop around to find the best rates – you may find that it’s not always the bigger lenders that offer the best deals. And remember that remortgage offers change all the time so keep looking!
2) Some Internet sites and national newspapers often publish best “buy tables”of mortgages - these can be a useful information resource.
Remember your mortgage is a debt, so before remortgaging please seek advice from our debt advice team. They will listen to your individual circumstances and, if a remortgage is right for you, they will ensure you get the best advice. Call us now on 0800 389 5959.
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