A remortgages is where you already have a mortgage but take out a new one in order to pay off your old one. There are several reasons why you might want to do this which are explained below.

Equity Release

The equity in your house is the amount of money that would be left if you sold your house and paid off your mortgage. There is money left because generally the house is going up in value as you are paying off the mortgage.   This is an option to raise money for: Home improvements A Holiday A New Car Buying a Second House Many more We're always prepared to go that extra mile, so why not use our Request a Call Back and we'll call you!

Saving Money

As we've said, the mortgage minefield is changing all the time. Every day a list of thousands of mortgages change in one way or another. So what may have been a good mortgage deal 2 years ago may not be such a good deal today. When we say a good deal, it could be that if you were to remortgage you could reduce your mortgage payments, pay less interest, pay your mortgage off earlier or a combination of all three.   We're always prepared to go that extra mile, so why not use our Request a Call Back and we'll call you!

Debt Consolidation

Lets say you have money owing on your credit cards, you are still paying off some finance on your car, you are paying interest on your overdraft and you are paying off money owed on your store cards. Each of these companies have lent you money, so each one of them is charging you thier own interest. This can result in high outgoings each month and can lead to financial difficulties.   In a similar way an equity release mortgage would increase the amount of money you owe on your mortgage to buy a car or a holiday, a debt consolidation mortgage increases the money you owe on your house so you can use the money to pay off all your other debts.   The big benefit is that the interest rate on your mortgage is probably a lot lower than your other debts and because your mortgage is repaid over a longer period your monthly outgoings are greatly reduced.   However, because your mortgage is paid over many years, each year you will be paying interest on the extra money you used to pay off your other debts. This may result in you paying back slightly more in the long term than you would if you had kept all the debts separate. Although if you did keep your debts separate you may not have been able to afford the high payments every month.   We're always prepared to go that extra mile, so why not use our Request a Call Back and we'll call you! Phone: (01472) 200664 MFC Mortgage Options, 231 Grimsby Road, Cleethorpes, North East Lincolnshire, DN35 7HE