Mortgage home re financing mortgage debt consolidating

However, if you pay back the same amount with a much higher 18% interest, over three years directly to your credit card provider, you will pay just over £2,700 extra in interest.So in some cases, a credit card will be better at handling your debt than a remortgage deal.If you’re not sure which is best for you, read our guide to fixed rate and variable rate mortgages or see below for a brief overview of the main differences.Remortgaging for a better deal and to save money on your monthly repayments is one of the more common reasons to remortgage your property.You will normally have to pay a mortgage exit fee if you remortgage, but the savings could be worth it Improving the remortgage offers you’re likely to be accepted for comes down to your personal circumstances and the loan-to-value (LTV) you apply for.The less you need to borrow, the more likely that better deals will become available to you.Once you’ve figured out what you need your remortgage deal for, be it debt consolidation or saving money, then it’s time to decide what type of remortgage you need.

Fixed rate mortgage: A fixed rate mortgage will fix the interest rate you receive on your remortgage deal for a set period of time, but usually this period is between 2 and 5 years.If you expect the bank rate to go down then you could be getting a good deal, but if it goes up then you could be risking higher monthly repayments.Offset mortgage: With an offset mortgage, your mortgage and savings account are combined, and the money you have in your savings account is counted as a temporary overpayment towards your mortgage, which could save you thousands in interest.If you’ve already paid off the bulk of your mortgage then it may not be worth paying for a remortgaging deal as the savings you make will struggle to cover the cost of the switching fees.

To help yourself save money, compare the annual percentage rate (APR) between your current mortgage and other remortgage deals on the market, then assess whether or not this will better the costs.

Our guide to remortgaging can help you decide if switching from your current mortgage deal is right for you Paying off your existing mortgage with a new one can offer flexibility, a better deal on your monthly repayments or an opportunity to consolidate your debts.

Mortgage home re financing mortgage debt consolidating comments

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