ancial sense. Many lenders offer heavily discounted rates to encourage new borrowers but frequently do not grant these privileged rates to their existing borrowers. It follows that many people now look at what is available in the mortgage market place on a regular basis, perhaps every 3 to 5 years. By re-mortgaging with a new lender they consistently keep themselves ahead of the game while, naturally, taking the various set up costs into account. You need to be aware of possible redemption penalties but by keeping an eye open or by utilising the services of the Re-mortgaging has become a more common practise in recent times, particularly as property values over most of the country have escalated giving the owner greater equity. Frequently this equity is used to finance a home extension or conservatory, and in fact, as more lenders have become relaxed about capital raising in this way, it can be used for almost anything from holiday homes to new cars.

Provided there is sufficient equity in the property and the borrower can demonstrate his ability to meet the monthly repayments in line with the lender’s criteria then there should be no problem. The first call might be to your existing lender to ask them to ‘top-up’ your current loan but you should also look at the market in general. This may give you an opportunity to re-arrange your entire mortgage, including the capital raising, at more favourable terms. It could well be another instance where the independent adviser would be most able to point you in the right direction.

Some people take the view that they do not want to add their new loan for the conservatory or whatever on to the mortgage. They would have additional set up fees such as solicitor’s fees, survey fees, arrangement fee etc. all to be added to the loan and the full amount would be repaid over the full remaining term of the mortgage. This is not necessarily valid bearing in mind that interest rates charged by finance companies that specialise in such loans, secured or unsecured, are invariably higher than those charged by a mortgagor.

This gives at least two possibilities: either you pay less each month by virtue of the lower rate, or you pay to your mortgagor what you would expect to pay to a finance company and repay the capital raising element in a shorter time. This may well apply even including the set up costs. It is at least worth having a look. Do not forget that if you arrange a re-mortgage deal with a new lender at a concessionary rate of interest, this will apply to your entire loan including both the capital raise and your current mortgage balance!

As people are becoming more aware, they realise that the old concept of borrowing over a long period and staying with the same lender, even when changing properties, does not necessarily make financial sense. Many lenders offer heavily discounted rates to encourage new borrowers but frequently do not grant these privileged rates to their existing borrowers. It follows that many people now look at what is available in the mortgage market place on a regular basis, perhaps every 3 to 5 years. By re-mortgaging with a new lender they consistently keep themselves ahead of the game while, naturally, taking the various set up costs into account. You need to be aware of possible redemption penalties but by keeping an eye open or by utilising the services of the r

n there should be no problem. The first call might be to your existing lender to ask them to ‘top-up’ your current loan but you should also look at the market in general. This may give you an opportunity to re-arrange your entire mortgage, including the capital raising, at more favourable terms. It could well be another instance where the independent adviser would be most able to point you in the right direction.

Some people take the view that they do not want to add their new loan for the conservatory or whatever on to the mortgage. They would have additional set up fees such as solicitor’s fees, survey fees, arrangement fee etc. all to be added to the loan and the full amount would be repaid over the full remaining term of the mortgage. This is not necessarily valid bearing in mind that interest rates charged by finance companies that specialise in such loans, secured or unsecured, are invariably higher than those charged by a mortgagor.

This gives at least two possibilities: either you pay less each month by virtue of the lower rate, or you pay to your mortgagor what you would expect to pay to a finance company and repay the capital raising element in a shorter time. This may well apply even including the set up costs. It is at least worth having a look. Do not forget that if you arrange a re-mortgage deal with a new lender at a concessionary rate of interest, this will apply to your entire loan including both the capital raise and your current mortgage balance!

As people are becoming more aware, they realise that the old concept of borrowing over a long period and staying with the same lender, even when changing properties, does not necessarily make financial sense. Many lenders offer heavily discounted rates to encourage new borrowers but frequently do not grant these privileged rates to their existing borrowers. It follows that many people now look at what is available in the mortgage market place on a regular basis, perhaps every 3 to 5 years. By re-mortgaging with a new lender they consistently keep themselves ahead of the game while, naturally, taking the various set up costs into account. You need to be aware of possible redemption penalties but by keeping an eye open or by utilising the services of the

tional set up fees such as solicitor’s fees, survey fees, arrangement fee etc. all to be added to the loan and the full amount would be repaid over the full remaining term of the mortgage. This is not necessarily valid bearing in mind that interest rates charged by finance companies that specialise in such loans, secured or unsecured, are invariably higher than those charged by a mortgagor.

This gives at least two possibilities: either you pay less each month by virtue of the lower rate, or you pay to your mortgagor what you would expect to pay to a finance company and repay the capital raising element in a shorter time. This may well apply even including the set up costs. It is at least worth having a look. Do not forget that if you arrange a re-mortgage deal with a new lender at a concessionary rate of interest, this will apply to your entire loan including both the capital raise and your current mortgage balance!

As people are becoming more aware, they realise that the old concept of borrowing over a long period and staying with the same lender, even when changing properties, does not necessarily make financial sense. Many lenders offer heavily discounted rates to encourage new borrowers but frequently do not grant these privileged rates to their existing borrowers. It follows that many people now look at what is available in the mortgage market place on a regular basis, perhaps every 3 to 5 years. By re-mortgaging with a new lender they consistently keep themselves ahead of the game while, naturally, taking the various set up costs into account. You need to be aware of possible redemption penalties but by keeping an eye open or by utilising the services of the

company and repay the capital raising element in a shorter time. This may well apply even including the set up costs. It is at least worth having a look. Do not forget that if you arrange a re-mortgage deal with a new lender at a concessionary rate of interest, this will apply to your entire loan including both the capital raise and your current mortgage balance!

As people are becoming more aware, they realise that the old concept of borrowing over a long period and staying with the same lender, even when changing properties, does not necessarily make financial sense. Many lenders offer heavily discounted rates to encourage new borrowers but frequently do not grant these privileged rates to their existing borrowers. It follows that many people now look at what is available in the mortgage market place on a regular basis, perhaps every 3 to 5 years. By re-mortgaging with a new lender they consistently keep themselves ahead of the game while, naturally, taking the various set up costs into account. You need to be aware of possible redemption penalties but by keeping an eye open or by utilising the services of the

ancial sense. Many lenders offer heavily discounted rates to encourage new borrowers but frequently do not grant these privileged rates to their existing borrowers. It follows that many people now look at what is available in the mortgage market place on a regular basis, perhaps every 3 to 5 years. By re-mortgaging with a new lender they consistently keep themselves ahead of the game while, naturally, taking the various set up costs into account. You need to be aware of possible redemption penalties but by keeping an eye open or by utilising the services of the right adviser on a regular basis, thousands of pounds could be saved. In the case of a repayment mortgage, the period of loan could be dramatically reduced.

After all, you do not automatically stay with the same car insurer year in year out without testing the market and trying to find better terms. Is this not even more relevant with your house mortgage where many thousands of pounds are involved and even greater sums may be saved?