Posts Tagged best flexible remortgages
Remortgaging your home or property is not necessarily something you do because you financially have to. It can also be something you do because it makes good financial sense.
People who are paying off mortgages still often need a little extra cash. It might be for a holiday, education, medical bills or home renovations. Rather than apply for credit elsewhere a more sensible and often more flexible option is to refinance your mortgage. This can give you a little extra cash if you need it and hold enough equity in your home to do so. Interest rates are lower and repayments are easier when that extra cash is generated from your existing mortgage.
The same applies if you want to get rid of existing credit cards or loans. Refinancing your mortgage to consolidate existing debt could allow you to cancel those other accounts and loans and start making one easy repayment to your mortgage, usually at a lower interest rate. Just be sure not to fall into the trap of applying for additional credit cards once your initial ones are consolidated into your mortgage. Traps like this make the refinancing of your mortgage pointless.
Situations in life change throughout the duration of your mortgage. Additional expenses may see you needing to lower your mortgage repayments. Alternatively an unexpected cash injection may see you wanting to increase your mortgage payments or pay off a lump sum. All of these options can be catered for with a flexible remortgage.
With banks providing consistently all time low interest rates, now is a great time to investigate remortgaging your home. Experts believe the rates have gone as low as can be expected and are very likely to be much lower than they were when most people first signed their mortgage papers.
Refinancing of this nature can help your financial planning situation by giving you more freedom and flexibility. Not only that, it can also save you money by reducing overall interest costs and by taking advantage of an increased equity in your home. Chances are you will find some benefit in taking the time to investigate this opportunity further with your bank.