Remortgage:homeowners can save thousands per year by switching from a Standard Variable Rate mortgage
Failing to switch from a lender’s Standard Variable Rate (SVR) once a fixed, tracker or discount mortgage deal ends means homeowners are missing out on a significant financial boost, which could go towards such day-to-day costs as childcare, paying off student debt or even taking a holiday.
In addition to the benefits outlined above, there are many reasons to consider remortgaging your property.
Because your home has increased in value..
If your home has gone up in value, then you have gained equity. Owning a larger part of your home can make you eligible for more competitive deals and save you money.
Most lenders limit the amount you can overpay on your mortgage each year to around 10 per cent of the outstanding value. Remortgaging enables you to a pay a chunk of your mortgage off, however, without penalty.
To ‘release’ mortgage funds
Remortgaging can also provide a lump sum of cash to assist with home repairs, debt repayment or other big purchases.
Here at Abraham Associates, we are ready to help secure your Remortgage rate and take advantage of the lowest rates available today.