A lot of people who currently have a mortgage look at remortgage rates as a potential way to save cash, reduce payments or increase borrowing for home improvements and other reasons.
There are a lot of companies that specialise in remortgaging and will not accept first time buyers. As a remortgager, you have a mortgage history to back up your application.
Whilst moving mortgage can increase borrowing or reduce costs, frequent moving might alert lenders to your status as a 'rate tart' - whereby you have been noticed as moving between mortgages every time the offer rate ends. Some lenders might be slightly more reluctant to lend to you.
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Remortgages are continually growing in popularity, with property owners rarely keeping the same mortgage product for more than five years. Remortgages may be a suitable option for various reasons, including; securing a better interest rate, freeing up equity, or consolidating debt.
Consider a bad credit remortgage if you want to raise additional cash by releasing some of the equity tied up in your home. Rising property prices mean that many people have mortgages which are well below their home's current value. This difference between the value of the property and the size of the mortgage on it is known as equity. Lots of mortgage lenders will let you to take out a bigger mortgage in order to free up some of this equity. The cash that's released in this way can be used for all sorts of different uses, such as home improvements, holidays, a new car, or to pay off existing loans and credit cards.
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