Mortgages and Remortgages UK, USA, Canada

There are many reasons for people wishing to obtain a remortgage, but the most common reason is because people they believe they are not getting the right deal out of their existing mortgage. A remortgage can help you to make significant long-term savings. For example, if your current lender issued a mortgage with a low introductory interest rate, you may wish to switch to a different mortgage after this introductory period expires. Another common reason for obtaining a remortgage is for debt consolidation, if the remortgage is for a larger amount than that which is owed on the existing mortgage.

You are normally able to remortgage as much as 95% of your property, but if you have already paid off a large proportion of your mortgage, you may be better off if you instead consider an equity release plan, rather than a remortgage. Two types of equity release plan are available:

• The Home Reversion Plan – a loan is redeemed upon confirmation of the sale of a portion of your home. The interest that the lenders receive takes the form of the increase in the value of your property.
• The Equity Release Mortgage Plan - this plan works in a similar way to a standard mortgage, however it has one big difference; the interest does not have to be paid monthly. You can borrow an agreed sum of money against your home, and not pay any interest until the property is sold. It is at this point the lender redeems the loan, plus any interest accrued.

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