Can I remortgage to get a cheaper rate? – Which? News

The main reasons people remortgage are to save money (by securing a lower rate of interest on the debt), or because they are moving to a different property. Others remortgage to release capital (or ‘equity’) from their property to pay for things such as home improvements, or to pay off other debts.

Remortgaging to get a better interest rate When you take out a new mortgage, you normally get an introductory deal. For example a low fixed or discounted rate or a low tracker rate for the first few years of your mortgage.

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A remortgage will allow you to reduce the loan size and potentially get a cheaper rate as a result but watch out for any repayment charges or exit fees. You want to switch from interest-only to.

If paying off a 25-year mortgage seems steep, it may not be a great idea to opt for a cheaper. rate, which they are likely to move to after a fixed period, now stands at 4.89%. The result could be.

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If you have sufficient equity, you could of course go the whole hog and raise the entire purchase price of the buy a buy to let so that you own it outright because a home remortgage deal works out cheaper than the buy to let options. In this regard, residential mortgage interest rates are generally lower than buy to let rates.

Another reason to remortgage is to reduce the payment term. By finding a cheaper deal and keeping repayments the same, you could in fact pay off your mortgage more quickly. You can also remortgage if you want to utilise your home’s equity for additional cash by taking out a bigger loan.

A remortgage will allow you to reduce the loan size and potentially get a cheaper rate as a result. But watch out for any early repayment charges or exit fees you face, and compare this to how much you’d save with the new, lower mortgage.

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