Remortgage Guide
Why remortgage? If you`re a new homeowner, you may ask why people don`t stay with their existing mortgage until the end of its term. After all, if you`ve just signed up to a mortgage that`ll run for (probably) decades, you`ll be forgiven for wondering why so many people are even thinking about remortgaging.
Someone looking to remortgage could be doing so for a number of reasons, but here we examine just three of the most common ones:
- freeing up cash with a remortgage
- getting a better mortgage deal, and
- reaching the end of a mortgage deal
Freeing up cash with a remortgage
Normally, houses in the UK do appreciate in value! Today`s declining prices are the exception, not the rule. The average house, according to the Nationwide House Price Index, was worth £161,797 in September 2008 – about £100,000 more than it was at the start of 1998.
