Perhaps you are coming to the end of a fixed rate, or need to re-finance to raise further funds for home improvements or debt consolidation… there are many remortgage products out there, which one do you choose?
You may also be on a base rate but looking for stability and certainty of monthly payments. Prestige Financial Solutions can help you choose the correct re-mortgage product for your needs. We have access to many competitive and exclusive mortgage rates, including fee free options. By taking advice from one of our mortgage advisers, you will get the advice you need to enable you to make a well-informed decision on the type of remortgage that is right for you.
Remortgaging is the term given to the process of switching onto a new mortgage deal – either with the same or a different lender. The most common time to remortgage is when the fixed or introductory tracker or discounted rate on your mortgage ends.
WHAT’S EQUITY RELEASE?
A standard Equity Release Mortgage (otherwise known as a lifetime mortgage), allows you to take equity from your home either as a lump sum or in smaller, regular amounts. The total amount, capital plus interest, is repaid when you die or move into long-term care.
AN EQUITY RELEASE PRODUCT WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVERYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFITS. TO UNDERSTAND THE FEATURES AND RISKS PLEASE CONTACT US
FIXED VS VARIABLE
You tend to pay a higher rate (initially) if you opt to fix your mortgage rate as opposed to going for a tracker, but this is not surprising given the security you have of knowing exactly what your monthly repayments will be for the next few years. For some people, this premium will always be worth paying, particularly if you need to budget carefully.
However, others will be happy to take a bit more risk and go for the variable rate option in order to take advantage of lower monthly payments in the short term at least.
For more details on ReMortgages, or for more information / enquiries on Mortgage Advice, please contact Prestige Financial Solutions