Why Consider Remortgaging?
We all know that there are many mortgage offers out there for buying a property, and that they will generally last for a predetermined period (i.e. 2yr fix, 3yr tracker).....but what happens after that?
At Gascoine Hoare, we'll talk you through whether you're paying more than you need to and what to do about it if you are. It's also a good time to look at whether you want to raise money to refurbish a bathroom, a kitchen, a whole property or even find a cost effective way of paying off other, more expensive debt.
Once you become a client of Gascoine Hoare, we'll actually tell you when it's a good idea to refinance. With your prior agreement, we will contact you before your existing deal finishes so that we can get you into a position where your new mortgage dovetails with your existing mortgage, therefore avoiding any unforeseen jumps in your monthly costs.
Important Considerations
Consolidating debt may reduce your outgoings now, but you may end up paying more overall.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Mortgage cost calculator
Enter the amount, the interest rate you have been quoted and the term, to see what the monthly cost would be.
Fill in all three boxes to see the monthly cost.
Capital repayment
— a month
Each payment covers the interest and reduces the amount you owe, so the balance is cleared by the end of the term.
Interest only
— a month
The amount you borrowed is not reduced. The full balance is still owed at the end of the term and you would need a separate plan to repay it.
This information is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you. All mortgages are subject to the applicant(s) meeting the eligibility criteria of the specific lender. You should make an appointment to receive mortgage advice which will based on your needs and circumstances.