Best Buy Mortgages Glossary - Remortgage
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Remortgage
This is simply the replacement of an existing mortgage with a
new one.
You may do this to save money. This might be possible by
switching to another mortgage product with the same lender or by
switching your business to a competitor. Remember, if you switch
lenders, the saving you make on the interest rate you pay may be
partially or wholly eaten up by the transaction charges
associated with moving your loan.
There may be redemption fees and reservation fees demanded by
your old and new lenders. The old lender may charge you a
penalty while the new one an arrangement fee.
The new lender will want to value the property just as your old
lender once did. So there'll be surveyors fees, not to mention
some conveyancing. And that means solicitors are likely to get
in on the act once again.
So, if you're considering a re-mortgage, do your sums carefully.
You may find yourself facing the equivalent of several months
mortgage payments, wiping out the benefits of remortgaging.
See Also: Remortgages,
Remortgage Rates,
Remortgage Quotes
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