A Remortgage Can Offer Great Savings At The End Of Your Mortgage Deal.

Remortgage is a word known to many but not really understood and why it sounds a good idea is also a mystery to many.

A remortgage can only be understood if a mortgage is first understood.

When someone wants to purchase a property in which to live he needs a mortgage and this is the case whether it is to buy a first home or a second, third or fourth and so on.

Ther are few people who have the required money to pay cash for a property, and as such the majority of people need a mortgage.

An IFA can offer a greater number of choices than can one single lender.

When applying for a mortgage a prospective borrower must provide paper work to back up his application.The adviser requires proof of income, ID, proof of residency in the form of utility bills, etc.

It is better to consult an independent mortgage broker who deals wit all mortgage products and can provide a much wider options than one lender possibly can.

Mortgages always have a tie in period which is normally between one year and five years, during which there is an early repayment penalty if the home loan is settled early.

This can be expensive as the usual penalty is between 2% to 5% of the balance still out standing.

It costs a lot to repay a mortggae before the due date, and so it is a silly thing to do.

Remortgaging involves changing from one mortgage lender to another.

At the end of the tie in period a borrower reverts to the Standard Variable Rate of his current lender and this can often be more expensive than a remortgage from a new provider.

The rates vary enormously from one lender to another and arranging a remortgage can be very cost effective as remortgage rates now start from 1.84% and this will make a great saving if your current rate is 3% or usually more like around the 5% mark.

As such the benefit of a remortgage is in the amount of money that they can save each month and of course what remortgages are is the moving from one lender to another.


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Champion Finance has been established since 1985,. They provide secured loans and whole of the market mortgages and remortgages. Trust them to obtain the best rate for your remortgage. Debt advice, debt help, debt consolidation, debt management and all debt solutions are also available.