How to get the best remortgage from a new lender? When you remortgage, you replace your existing mortgage with a new mortgage from a different lender. Your new provider will then pay your old mortgage provider the amount of your existing loan. You will then owe just your new provider a loan that you will pay back.
A remortgage is one of the most straight-forward ways you can potentially reduce your repayments, release some of the equity in your house, and generally save yourself money. Remortgageing could help you release the equity in your property, which is the difference between the market value of a home and the amount you still owe on it. As your property increases in value, equity is built. Likewise, equity is increased as you repay your mortgage.
For example: If your property is worth £100,000 and you repaid £25,000, then the value of the property has risen by £125,000. The equity in this situation would be £50,000 which is calculated by adding the £25,000 paid off the mortgage plus £25,000 which is the increase in the properties value. Through a remortgage you can access this equity by remortgaging an amount that exceeds the current mortgage debt.
The best way to find out if a remortgage is suitable for you is to get a fully qualified impartial FSA mortgage advisor to contact you. By filling in our mortgage form you will obtain such impartial mortgage advice and a quote, representative of the whole of market, with no strings attached.