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Mortgage Changes

Re-mortgage

A re-mortgage is where you take out another or a different kind of mortgage on the property.

The main reason for this is to save you money on your monthly repayments.

The other reasons which people may re-mortgage is:-

  1. Release some equity in the property.

  2. Consolidate non-secured debts.

  3. Re-mortgage to renovate.

  4. Release funds to purchase another property.

Before re-mortgaging you should ensure that there are no penalties with your current lender as these may outweigh and benefit from a new mortgage.