Mills & Anderson

8a Broomfield Lane,
Hale,
Cheshire
WA15 9AQ

Tel: 0161 929 8668

Fax: 0161 929 1830

Email: info@amtpfs.com

Your home may be repossessed if you do not keep up repayments on your mortgage.

A broker fee of £195 will be charged on application & a broker fee of £495 will be charged on completion.

John Mills T/A Mills & Anderson is registered in England at 8a Broomfield Lane Hale Cheshire WA15 9AQ. (466121). Mills & Anderson is an appointed representative of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 435779) for mortgage and non-investment insurance advice. The Financial Conduct Authority does not regulate some forms of Buy to Let.

This article (Remortgages) is intended to provide a general appreciation of the topic and it is not advice.

Guidance should be sought from a specialist who is qualified to advise in your specific circumstances.

For more information on this aspect of "mortgages - what you need to know", please contact Mills & Anderson on 0161 929 8668 or email us at info@amtpfs.com. We will be happy to assist you.

Back to Mortgages

When you remortgage, you are switching your mortgage to another deal, and frequently, another lender.

Remortgages can be used for various reasons. Most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could get a discount, or a lower interest rate, with another lender. Other individuals may use a re-mortgage to consolidate their debts.

It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower interest rate, you must take into consideration the facts that:

The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.

If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.

Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable.

You may have to pay an early repayment charge to your existing lender if you re-mortgage.