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Remortgaging

Started by propertyfag, September 04, 2007, 10:54:27 AM

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propertyfag

Have you guys remortgaged at every opportunity, or will you look to remortgage when the opportunity occurs?

I plan on remortgaging whenever I can, because there are always better deals available on the market if you look hard enough.

I haven't had the opportunity yet (unless I want to be penalised by my current lenders); i'll have the opportunity next summer, and i'll definately be looking to get a better deal than my current ones.

Most lenders tie you in for 2 years, after that remortgaging should be permitted. So, to remortgage every 2 years is hardly taxing, especially since you can save thousands and thousands of pounds both in the long and short term.

Badger

Re-mortgaging a tough one and one that I think depends on the persons financial position at the time of thinking about a re-mortgage.  I was told once not to do it unless I really had to.  When i asked why, the answer I got was * its simple really, 1, you put the MP up,2, your loan goes up, 3, you don't really pay the dam thing off any quicker *
So I suppose it is down to the + and the – of the decision of the person who wants to do it.
Ok I have re-mortgaged once, it took my MP from 1.1kpm to 1.6k pm. Was the extra monkey worth the initial financial gain, who knows, but I do now know I have it to find.
Every deal is different and bespoke to the individual. If you need it do it, if you don't then why upset the apple cart.
Maybe a * Whats good and whats bad thread would be a good idea to get peoples thoughts


Badger