Homeowners often turn to remortgaging (also known as “refinancing”) in order to take advantage of an interest rate that is lower than the one they were given on their original loan. Timely remortgaging can save a homeowner many thousands of pounds over the life of the loan, money they can then put toward other things. If you want to know more about remortgages in Crystal Palace, read on.
About Remortgages in Crystal Palace
Different homeowners have different reasons for wanting to discuss remortgaging:
- Some want to shorten the term of their loan.
- Some want to free up money to travel.
- Others are hoping to free themselves of a balloon payment at the end of their current loan.
- And some just want to ease their monthly financial burden.
Whatever the reason for seeking to remortgage the process is the same. Be aware, however, that remortgaging is not the same as obtaining a second mortgage. With a second mortgage, the funds obtained can be used for any (legal) purpose you choose. While funds obtained via remortgaging can only be used to pay off your existing mortgage. You may well be able to afford to travel with the money you save, but you cannot put the remortgaging money itself toward travelling.
