Why Remortgage?

1. RATE CHANGE

It may have been some time, perhaps years, since some people changed their mortgage. If this is the case then it is likely that they will be on their mortgage lenders' standard variable rate (SVR). This could mean that they are missing out on discounts and incentives normally offered by other lenders in an effort to get their business. With a remortgage, such borrowers may well save themselves a considerable amount by simply switching from one lender to another and moving on to a lower interest rate.

2. CONSOLIDATION

In this day and age where personal credit is still relatively easy to come by (even in the credit crunch) it is common for individuals to amass large credit card balances, have expensive car finance or even to have a secured loan. The monthly interest costs of these credit facilities can be substantial and sometimes impossible to keep up. If personal circumstances show that this is the case then it may be worthwhile consolidating them into a remortgage. Because the debt would be getting spread over a longer period then the monthly payments would be significantly less.

However you must always remember that increasing the term of these loans by way of a remortgage may well increase the overall interest paid. 

3. RAISE FUNDS

If you need to raise a substatial amount of money for any reason then a remortgage could be the way forward. For example;  home improvements, a new car, a dream holiday, school or university fees.   Using some of the equity in your home can be a cost effective way of releasing large sums of finance and is often cheaper than taking out secured loans. Assuming you stay within the permissible Loan-To-Value range, if you remortgage your property for a sum that is greater than the amount needed to repay the original mortgage, you get to keep the difference

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

For a mortgage or remortgage in West Yorkshire, North Yorkshire, or South Yorkshire

Your home may be repossessed if you do not keep up repayments on your mortgage

*APR 5% 2 Year bank base rate tarcker.2% Lenders booking fee added. Call us for a personalisedillustration.

Coleman Clough Mortgages is an appointed representative of Coleman Clough Investment Management which is authorised and regulated by the Financial Service Authority.Typically we charge £395 for advising on and arranging your mortgage. For poor credit circumstances the overall cost for comparison is 9.1% APR. The actual rate available will depend on your circumstances. Ask for a personalised illustration.

Coleman Clough Mortgages, The New Barn, Home Farm, The Avenue, Esholt, West Yorkshire, BD17 7RH

A brief history of Yorkshire

Yorkshire is an historic county of England, centred on the county town of York, and was originally composed of three sections called Thrydings, now referred to as Ridings. The region was first colonised during the first millennium by Romans, Angles and Vikings. The name Yorkshire first appeared in writing in the Anglo-Saxon Chronicle in 1065.Following the Norman Invasion, Yorkshire was subject to the punitive harrying of the North, which caused great hardship. The area proved to be notable for uprisings and rebellions through to the Tudor period. During the industrial revolution, the West Riding became the second most important manufacturing area in the United Kingdom, while the predominant industry of the East and North Ridings remained fishing and agriculture. In modern times, the Yorkshire economy has suffered from a decline in manufacturing output which has affected the traditional coal, steel, wool and shipping industries.