Buy To let Mortgage Broker Bournemouth | What is a re-mortgage & when would you do it?
Buy To let Mortgage Broker Bournemouth | Hi, I am Peter a Bournemouth mortgage broker and over the 20 something years I have been working in financial services, the term ‘re-mortgage’ has and continues to cause confusion. What is a re-mortgage? The biggest misconception is that to re-mortgage means to re-finance your debt due to financial hardship. Re-mortgaging is also associated with meeting the cost of building work which is spiraling out of control. Whilst re-mortgaging can be used for these reasons, It is rarely the case. I recently completed a re-mortgage which saved a client £308.00 per month. Reducing their current mortgage payment from £572.00 to £264.00 per month. That is a whopping 53% reduction. They were not in financial difficulty and in full control of their outgoings, they simply had not reviewed their current mortgage for many years. A re-mortgage is quite simply replacing your current mortgage to obtain more favorable terms, and/or to raise additional financ
