Remortgaging
You may choose to remortgage your home - switch your mortgage from one lender to another - before the end of the term of the loan. This could save you money on monthly repayments, but there are often penalties involved in early redemption. Many people take advantage of 'special offer' mortgages, and then remortgage after the initial discounted period is over.
Pros:
- You could make substantial savings on interest rates
Cons:
- Check for penalty clauses
- Bear in mind other costs will be incurred - for example, re-surveying your house for the new lender
Disclaimer: This material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make any decisions. Always obtain independent, professional advice.
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