What are the pros to remortgaging your house?
October 16, 2019
Are there benefits to remortgaging your house?
One of the main advantages of remortgaging is minimising interest. When your fixed term mortgage ends, your mortgage lender will automatically switch you to their Standard Variable Rate (SVR), resulting in you paying a lot more interest than you need to. By remortgaging to a new fixed deal, you will minimise the amount of interest you will need to pay and have a bit more money to spend on the better things in life!
If you have some debts that you want to consolidate, remortgaging to release equity will also enable you to add a bit more to your current loan amount to clear your credit cards, loans, car finance etc. Similarly, if you have got a bit of work that you want to do around the house, you can also raise capital on your property to give you a bit more money for the renovations and improvements you have wanted to do.