Norton Loans | Why Remortgage?

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Over recent years the idea of remortgaging has been marketed more and more. Choosing to remortgage can seem like a daunting decision though, as your house is the most expensive thing you will probably ever own as well as being the very roof over you and your family’s head. The most important aspect to making the right decision for you is to fully understand what remortgaging actually means because, although remortgaging might make some customers huge savings, it may not profit everyone.

A remortgage is used to replace an existing loan. With a remortgage the new deal will provide customers with easier monthly repayments and reduced rates of interest.

Interest rates are the percentage amounts that the value of a loan increases by over time. Interest is a check against inflation for lenders as well as where they make their profits.

The point of a remortgage is that the new lender will offer lower interest and repayment rates than those on your previous loan. What this means is that, once your new lender has paid off the whole value of the original mortgage, you will be left with less money to pay back in the longer term.

This means that a remortgage can be a great option for any home owner who’s unhappy with the deal on their current mortgage. If you are a customer currently struggling to keep up with high interest payments, or even if you just want to save some money in the long term, then remortgaging is a great option.

On the other hand, if you already enjoy favourable interest rates on your current mortgage, then a remortgage may not be ideal for you. Either way, it never hurts to get a quote and make sure you’re not missing out on potentially major savings.

The money made through remortgaging can then be used for whatever the customer wants. Customers can use the extra cash to make home improvements, pay off outstanding bills or even take that holiday of a lifetime they’ve always dreamed of.

For more information, Norton Finance offers a range of remortgaging services as well as a wide variety of Norton Loans. Customers can apply for a free, no obligation quote through the Norton Finance website.

Loan Options | Norton Finance

If you are seeking a loan of any size, for any purpose, it is vital that you make a fully informed decision before you proceed. It can be a huge decision, and certainly not one to be taken lightly; so do your research first.

Is your credit history sufficient to qualify for an unsecured loan? If you’re a property owner, would it be sensible to apply for a secured loan? If not, other options include logbook loans which are secured against your car, or asset finance loans secured against valuable possessions such as jewellery. Or you could opt for a guarantor loan, whereby you have a joint applicant who shares liability with you. Before applying, be aware that many brokers charge a fee for arranging a loan, and it might be best to go direct to a finance company.

Fixed term loans consist of an agreement over a predetermined period of monthly repayments, which you negotiate in the context of what is realistic for you. Interest rates are generally lower, but longer repayment plans eventually amount to more total interest paid. Flexible loans are becoming more common, allowing you to pay back the money at your leisure but usually incurring a higher interest rate as a result. There is also short term loans, which are small loans with a high interest rate intended for quick repayment.

Be wary of possible pitfalls. Free gifts offered by some brokers can be tempting but don’t be distracted from the fine print. Loan insurance can be a good way to protect yourself in the event of unemployment or ill-health, but you must carefully check the conditions and insurance payments. Debt consolidation is a subject that lenders frequently bring up, but be wary of this as it essentially replaces your current debts with a new one, and can sometimes cause you to end up paying more in the long term.

Choose the loan that’s right for you after thoroughly studying all of the terms and conditions. Scrutinise costs and the details of all factors of the loan before committing. If you have any doubts about an option you are considering, consult an experienced impartial adviser to ensure you are informed.

Norton Loans

 

Norton Finance holds more than 35 years of experience offering loans and re-mortgages. They offer a flexible service which allows them to help customers in various situations. Norton Loans recently moved to new offices in Rotherham, with new computer systems that have dramatically speeded up the loan process.