Getting a better rate:

One of the main reasons to remortgage is to get a better rate (especially if you had an introductory deal which has ended and you are about to revert to an uncompetitive standard variable rate).
You might want to remortgage on to a fixed rate so that you know exactly what your repayments will be for a certain period. Alternatively you may wish to take advantage of low base rates with a discount or tracker mortgage. It is easy to be drawn in by what appears to be a fantastic deal but lenders other charges such as arrangement fees and early repayment charges can vary considerably. Therefore it’s important to make sure that all details are taken into account when assessing which is the best mortgage for your individual circumstances. A mortgage broker can guide you through this maze and will normally have access to a wide range of different mortgages.

Home Improvements

Many people decide to remortgage to improve their own home rather than moving. Often adding an extension, fitting a conservatory, updating the kitchen or bathroom or just giving redecorating their home can make it feel like new. This can still involve large sums of money and a remortgage may be the most cost effective way of raising the money. It is worthwhile approaching your existing mortgage lender to see if they can help, as well as taking the  golden opportunity to review your mortgage deal to see what else is available.

Consolidating debt

You may wish to remortgage your home in order to pay off more expensive debts and most mortgage lenders will allow you to do this so that you can reduce your monthly outgoings. You should be aware however that you may pay more in the long-term if you are repaying the debt over a longer period of time. Don’t forget mortgage lenders may repossess your house if you do not keep up the repayments on a mortgage

Bad Credit Remortgage

If you have a bad credit record in the form of a County Court Judgement, missed payments, defaults or previous bankruptcy, you will probably need specialist advice from an experience broker like Equity Finance.

How can Equity Finance help?

Whatever your reasons for wanting to remortgage your existing property, Equity Finance can help. We have operated in the specialist remortgage market for over 15 years and have relationships with many recognised lenders.