Flexible Remortgage

A Flexible Remortgage means switching your mortgage to a new lender, or remortgaging could be used to free up equity on a property to create fresh finance. Most people currently pay their mortgage providers standard variable rate, and this will never be the best deal available. A flexible remortgage is a solution to such circumstances. With a flexible remortgage, you can vary your payments to suit your needs and circumstances. A flexible remortgage can be ideal for people with inconsistent income, like the self-employed. And since some remortgage deals come with cheque books and debit cards, you could even use your mortgage as a bank account.

Borrowers also need to ask themselves what are they looking for from a remortgage deal. If the answer is to consolidate debt, borrowers should make themselves aware of the remortgage options available. Borrowers who have savings and overpay can save a small fortune in interest on a flexible remortgage scheme*. Again, lenders' estimates of the potential savings on a flexible mortgage vary widely, but even those who save a minimal amount can expect to shave a few thousand off the interest they have to repay.

Rates will vary between lenders and depending on the personal circumstance of an applicant. Good credit applicants will be offered the lowest rates. Rates can also vary depending on how much of the value of the home is set against the remortgage. Some products also offer a drawdown facility allowing clients to release cash over a period of time.

Take time to consider all the offers available. Choosing right could save you thousands in the long term.

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