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diTesco > Intel > What is Remortgage?

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What is Remortgage?

By Francisco Perez of iblogzone

This is when the terms of the original mortgage are renegotiated, and usually means that the borrower increases the amount that they are borrowing, which is often possible due to a rise in the value of the property. A remortgage may allow the homeowner to repay other debts such as personal loans or credit cards, or it may be a way of paying for home improvements such as a conservatory a loft conversion. More about remortgages.

Remortgaging may involve getting a better deal from your current lender, or it may mean changing lenders if a rival is offering a more competitive rate. The remortgage usually will involve a fresh survey of the property taking place, and an updated valuation of the property, which will take into account any changes in value due to home improvements, or due to fluctuations in the local or national property market. It is always an opportunity to balance your personal finances.

This intel first appeared on: http://real-estate-dot.com/2008/11/what-is-remortgage.html

Contributed by diTesco on November 25, 2008, at 9:29 PM UTC.

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