Refinance Mortgage

You may not be completely satisfied with your current mortgage choice. Maybe it’s a fixed rate mortgage and the interest rates have started to significantly decrease and you wish to benefit from that. Or you are concerned about the terms of your current agreement and would like to change lenders.

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Step 1 of 3	About your mortgage
Are you looking to: How much would you like to borrow? Buy a property Remortgage a property Buy a property to let     How long do you need the mortgage for? 1 year2 years3 years4 years5 years6 years7 years8 years9 years10 years11 years12 years13 years14 years15 years16 years17 years18 years19 years20 years21 years22 years23 years24 years25 years30 years40 years50 years   Proceed to step 2.

Step 2 of 3	About your mortgage
Estimated property value?   Are you a first-time buyer? Yes No   Do you need to self-certify your income? YesNo   Have you: Had a CCJ or Default registered against you? Missed one or more secured loan or mortgage payments in the last 12 months? Been declared bankrupt or had an IVA? Proceed to step 3.

Step 2 of 3	About your mortgage
Estimated property value?   How much would you like to borrow?       Proceed to step 3.

Step 3 of 3

Your details

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By refinancing your mortgage you could lower your interest rate, your monthly payments, you could even release equity in you property.

The lender you have refinanced with will pay off your current mortgage and provide you with new terms. When lowering your payments, this will usually extend the amount of time it takes to pay off your mortgage. By reducing your monthly mortgage payment and extending the term you will be paying back more money in the long term.

Other things to consider:

When refinancing, you could reduce your monthly payments by extending the term of the mortgage. Doing this would improve your cash flow on a monthly basis but it will take longer to pay off your mortgage. Doing this means you would also pay more interest over the life of the mortgage.

Refinancing can be used to reduce the amount of time it takes to pay off your mortgage. When doing this the term is reduced by increasing your monthly repayments. The benefits being you will be able to clear your mortgage more quickly over a shorter period and you will also be paying less in interest over the term of the new mortgage deal compared with your old one.

The refinance of a home could be used to reduce debts such as credit cards or loans. This can be done when a property has more equity in it than the amount owing on the mortgage. The advantage of doing this is that you get to consolidate your loans and reduce your monthly out goings. You should note that by doing this you could end up paying more for loans and credit card debt as the interest on these debts will be charged over the life of the mortgage.

Refinancing may not be in your best interest if you already have a mortgage for 90% of the value of the property or more. Refinancing your property when your mortgage is already a high percentage of the value would mean you would be borrowing close to 100% meaning you would incur a higher interest rate at this borrowing level costing you more.

If in doubt talk to an independent financial advisor, make sure everything is explained to you so you don’t have any doubts when making your decision.

Deciding on the right mortgage is for most people the biggest financial decision they will make.

This service offers you access to a full range of mortgages and re-mortgage products (UK only).

Getting the right mortgage for you is essential. Making sure your repayments are competitively low and that you don’t pay over the odds for your mortgage is most important.

First time buyers and homeowners using Choice Mortgages should consider how much the product costs to arrange, any early repayment costs, the initial rate and the APR before making your final decision.

Please note if you do not keep up payments on your mortgage your house could be repossessed. Not all mortgages are regulated by the Financial Services Authority.