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Re-Mortgaging Pros and Cons

• What is Remortgaging?
• Remortgaging Pros and Cons
• Remortgaging FAQs

Pros and Cons of Remortgaging

Pros:

  • You can consolidate unsecured debts into one affordable monthly payment
  • Save money on unsecured interest fees
  • Free up cash for an investment opportunity

Cons:

  • Paying back your mortgage over a longer period of time will increase the overall cost of your mortgage
  • Failure to meet your repayments may mean our lenders will take court action against you and will leave you home at risk of repossession
  • If your home is repossessed, it will be sold by the lender at auction. If it doesn’t sell for the same as or more than you mortgage, you may end up with a ‘mortgage shortfall’ which will mean you will still owe the bank money
  • If you have arrears with other companies you may me subject to higher interest rates when you try and remortgage
  • There are usually higher valuation fees, administration fees, lenders fees, broker fees and legal fees when remortgaging
  • Some re-mortgages can come with early pay off penalties which are unlike Secured Loans, which don’t usually have any
  • It will take at least four weeks to setup a remortgage

The UK Debt Advisor can help you search the most suitable remortgage deal.
Call us free on 0800 043 2027 or use the call back phone below.