Cut your repayments or benefit from rising house prices
Remortgage loans are a good way to cut the cost of your monthly mortgage payments, especially if you're saddled with an old mortgage with a high interest rate. If like most people your house has risen in value, remortgage loans are also a good way to borrow money cheaply.
Remortgage loans are very popular, and with good reason: you can save a fortune, especially if your existing mortgage has a high interest rate. Today's interest rates are exceptionally low, and if you replace your existing mortgage with one at a lower interest rate the difference in your monthly payments will be dramatic.
Another reason why you might consider remortgage loans is to benefit from the rise in house prices: by borrowing slightly more than your existing mortgage balance you can use remortgage loans for expensive home improvements. Few lenders will let you borrow 100% of the value of your home, but you will usually be able to borrow a significant percentage of its value; figures of 65% or 75% are common.
Remember that remortgage loans are secured loans, so your house could be at risk if you don't keep up with the repayments. On the bright side, the fact that remortgage loans are secured means that lenders will be much happier to lend you money than if you were applying for an unsecured loan.
loans.org.uk helps you find the best loans companies for your specific needs, and gives you background information on the various types of loans available in our loans articles, more loans articles and still more loans articles.
If you can't find what you want on loans.org.uk, be sure to check our loans homepage.