A remortgage is when you switch your current mortgage deal to another deal, this can be done with the same lender (also known as a product transfer) or it can be done with a completely new lender. If your property value is greater than the remaining balance on your mortgage (also known as equity), you may be eligible to remortgage and raise funds for a variety of purposes.
There are a variety of reasons to remortgage and they can be as follows:
Lower Interest Rate
Different mortgage deals are being offered by lenders all the time. If you are eligible for one of those deals you may choose to remortgage so that you can have a lower interest rate and cheaper monthly payments
If you are interested in property investment and you have equity in your residential property, you may be eligible to raise some funds through a remortgage.
If you would like to redecorate your residential home, or perhaps build an extension to make your home larger, you may be eligible to raise some funds from your property as an alternative to large credit card balances or a personal loan
If you have any large outstanding credit commitments such as high credit card balance, an outstanding personal loan or a hire purchase – you may be able to remortgage your residential property to raise funds to consolidate this debt.
Why Should You Remortgage?
Whether you have a fixed-rate mortgage, a tracker mortgage or another type of discount rate, your mortgage will likely be set at a special rate for a limited period of time. Typical examples include a two-year fixed-rate mortgage or a three-year tracker mortgage. When the fixed period comes to an end, mortgage holders have to choose a new deal or their mortgage will revert to the lender’s standard variable rate, usually considerably higher than the fixed deals.
Why Choose Olympia Finance for Remortgage?
Olympia Finance is a specialist mortgage broker based in London and Essex, providing mortgage and insurance services throughout the UK. We have access to the whole of market Lenders with a wide range of criteria hence, we can help you find a mortgage deal that suits your needs. Even with non-standard circumstances, you may still be eligible for a remortgage. Contact our specialist team today to find out how we can assist you.
Top 5 Reasons to choose Olympia Finance
Here at Olympia Finance your case would be dealt by an experienced and qualified mortgage adviser from the beginning to the end.
We understand every client’s situation is different and unique, hence we ensure all of our clients get the right mortgage deal based on their needs and circumstances.
Whole of Market
We have access to 1000’s of deals from the whole of market lenders. Therefore, we can source out the best deal for you that suits your needs.
No Mortgage No Fee
It is hardly happened that we take on a case and cannot complete, we are so confident that we will charge you the fee once you get the official mortgage offer from the Lender.
We put all of our clients at the heart of everything we do. We have been constantly rated Excellent service provider on multiple reviews sites, i.e. Reviews, Google. Many of our clients come through referral and word of mouth, also our existing clients love keep coming back to us.
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