You may have to pay an Early Repayment Charge to your existing lender if you remortgage. If you are currently in a fixed rate deal that has not yet expired you will almost invariably be subject to payment of an early repayment charge (ERC), in order to leave. This is usually a percentage of the mortgage balance, depending upon how long you have left. We will make you aware of any costs involved before recommending that you remortgage. If you want to release equity from your property to get a lump sum, this means you will be increasing the overall amount you are borrowing and will, therefore, see a rise in your mortgage payments.

Depending on the amount of equity you have in your property and the amount you are seeking to release, you may also see an increase of interest rate as your loan to value (LTV) may have decreased. If you are thinking of remortgaging as a way to consolidate debts or to pay for a project, make sure you do your sums carefully. Remortgaging may seem attractive as mortgages have relatively low interest rates when compared to credit cards or loans but borrowing over a long period may cost a lot more in the long term we will be clear about this and take this into account before recommending that remortgaging will be beneficial to you.

Please note: You may have to pay an early repayment charge to your existing lender if you remortgage

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