If a homeowner has been considering moving his mortgage to another lender there has never been a better time to do this, as interest rates are so low at present, starting from about 1.98% for homeowners with at least a 40% deposit.
Mortgage lenders have very different rates of interest and therefore it is always worth finding out what rates are available.
There is no need for you to personally trawl the inter net let alone the cold windy high street to find the best rates for your own circumstances when an expert mortgage broker has all the knowledge at his finger tips.
However always pay heed to what your early settlement penalty might be if you settle your current mortgage early, as penalties can be steep.
However with most mortgage lenders there is no penalty after one or two years, making that the best time to consider changing mortgage lenders either to obtain a lower rate of interest or to release equity on your property for a vast array of reasons.
However if you are a homeowner you really should consider taking out a remortgage and using it as a debt consolidation loan to refinance and roll all your financial outgoings into one much lower repayment.
Remortgages are no longer available at 100% LTV as they were before the recession when the Northern Rock granted mortgages and remortgages at 125% equity.
At present remortgage rates are wonderfully low, and with the base rate remaining at 0.05% remortgages are available starting at less than 2%.
Home improvement loans arranged via the home improvement company normally have an interest rate of about 25% which is a million light years away from the remortgage rate. Remortgages can be used for almost any other legitimate purpose such as holidays, home improvements, weddings, motor home purchase, etc.
A very popular purpose for remortgages is to arrange debt consolidation which pays off the current mortgage, credit cards and personal loan debts into one, saving a fortune every month, and making the financial life of a homeowner better .
The best way forward is to contact a whole of the market mortgage and remortgage broker who can provide you with your options, and as rates are so good at present it could be prudent to strike while the iron is hot.
Want to find out more about remortgages, then visit Champion Finance’s site on how to choose the best remortgage for your needs.
