Remortgages

Remortgages

mortgage services South WalesRemortgaging means replacing an existing loan with a new one from a different lender, not just a different deal with your existing lender.

Reasons to remortgage:

Borrowers may be able to take out a mortgage at a lower interest rate thus reducing your monthly mortgage or loan payments. This is the most popular reason. At Capital Alliance Financial Services Ltd is just one of our services to you. Remember as an introducer it is our job to find the best company deal for you. We not only have access to the normal names on the high street, we also have access to other names you may not know & deals that are exclusive that may fit your requirements, better than you ever thought.

To raise cash or release equity. This is an option of your property has increased in value, or you've paid off a lot of your mortgage, and is simply a matter of borrowing more than your current mortgage debt.

Cheaper to extend than to move house. You may find that it's cheaper to remortgage to raise money for an extension than to move home if you add up all the removal costs, stamp duty etc.

Remortgaging to consolidate debts. But be careful, you may need advice on this, we will explain to you in detail, then once you know all the facts then this could be cheaper than taking out a personal loan or using credit cards. This is because interest rates on mortgages can be as low as 4% while the cheapest personal loan rates are about 7% and standard rates on most popular credit cards are as high as 17% plus. Therefore to consolidate bills, personal loans and credit cards, all you have to do is increase the size of your mortgage and use the money that you've raised to pay off your more expensive borrowings.


Costs to consider:

Early redemption charges are sometimes levied if you repay your loan within a certain period. Check out your documents on the "Offer" They are often found on deals with a special offer rate upfront - for example a fixed or discounted rate - and are designed to help the lender recoup the costs of setting up the deal and secure their profitability in the event of the mortgagee switching.   

On top of redemption fees, most lenders charge a sealing fee and/or a fee for releasing the deeds.

The total legal costs should be much lower than when you bought the property, as there are no contracts to prepare and there is no stamp duty to pay. However, you should still budget as you MAY need to pay for a valuation and/or legal cost:   
All of the above will be explained fully, and a full service offered from finding the deal, insurance, to completion. That's what we do, we work for you, not the lender.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.


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