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.

Norton Finance discusses the process of remortgaging

One of the best ways to cut down on costs is to remortgage; depending on how much you’re currently paying, you could save a few hundred pounds each month, as well as several thousand pounds on your mortgage overall. However, remortgaging can be complicated, and it’s a good idea to know what obstacles you might face along the way. Here, Norton Finance explains some of the things you need to know before you begin the process.

Like many things in life, remortgaging your home will most likely take longer than you expect it to. Because of this, it might not be the best option if you’re hoping to quickly cut down on your current expenses. As a general rule, it will take between one and two months, although the exact timescale will be dependent on the type of mortgage product you opt for, and whether or not you decide to change to another lender. There is also the possibility that your personal financial circumstances may result in complications with the application, which could delay the process even more. However, if you’re aiming for long term savings, Norton Finance believe that it’s a great option.

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If you decide to go ahead , it’s best to initially check what your existing lender is willing to offer; if they believe that they may lose your custom, they may consider providing you with a more competitive mortgage deal, and furthermore, the process is likely to move along a lot faster than if you switch to a new lender. Once you’ve spoken to your lender, you should then compare their offer with other lending institutions. This may be a little time consuming, but Norton Finance say that it’s important, as you may find a significantly cheaper deal if you shop around.

Another important factor to keep in mind, Norton Finance add, is that you will incur fees when your remortgage, and these need to be taken into account when you’re considering whether or not switching is worth it. These will be mentioned in the application, along with the rest of the terms and conditions; Norton Finance recommends that you go through this information carefully, so as to make sure that you know exactly what you will be committing to. Remortgaging is something you will most likely only do once, so it’s crucial that you take the time to understand what kind of agreement you are entering into.