Switching your mortgage

See remortgage calculator below.

Remortgaging means switching your mortgage from one lender to another.

This is usually done to get a better deal and therefore to reduce your monthly mortgage payments.

Also, if you have any personal loans or money owing on credit cards, you can use spare value in your home to bring these payments down.

Usually, interest rates on credit cards and loans are much higher than those on a mortgage even if it is a mortgage based on a poor credit history.

There is every prospect therefore that in re-mortgaging you will be reducing your overall monthly outgoings.

A word of caution however! If consolidating personal loans and credit card commitments into into your mortgage you will be transferring debt from a non-secured short-term basis to a secured long term one.

This is very likely to have the effect of increasing the total amount of interest that you repay. So think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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