Remortgaging is a popular way of taking advantage of lower and more favourable interest rates. It’s basically a way to pay off the old mortgage using a new mortgage you can take out on the same property.
If you’re looking for the best remortgages in Croydon, Mortgage & Lifetime Solutions can help.
Why Remortgage your Croydon Property?
There are several reasons people remortgage their property. Here are a few of the most common uses.
- Remortgaging can potentially give people access to more savings every month, increasing your overall savings funds.
- The extra savings can be used to fund extra expenses around the home.
- You can also the additional cash to fund a range of home improvement projects that will further add value to your home.
- You could also receive a lumpsum amount that can be used in several projects and expenses as well.
How Does Remortgaging Work?
When you remortgage your property, you’re essentially switching your old mortgage loan for a new one. You can also arrange this deal with your current lender, or with a new one altogether.
Since the property you’re mortgaging this time around is already under your name, the process of getting a remortgage is simpler and easier than your initial mortgage. There is less work involved overall.