A remortgage is where you pay off one mortgage and take out another mortgage using the same asset (property) as a security. The main idea behind a remortgage is to get a cheaper/more affordable mortgage repayment or in some cases to release any equity that may be available.
Remortgage can be the cheapest form of borrowing. You can get a loan at much lower rates than would be available in an unsecured loan. It can give a cheaper monthly payment but if paid over a longer period of time it can be much higher.
If using a remortgage to release equity, it is possible to use money raised from the remortgage to settle any outstanding debt. In some cases you may even have money left over from the remortgage after repaying your debts. In other cases there may not be any money left over.
If your remorgage cannot release enough money to settle your debts in full it is still possible that your creditors might accept a reduced amount to cover all your debts. It is not uncommon that creditors would reduce the total amount owing and take a lump sum as a settlement of the debt. We have agreed many settlements like this.
Remortgaging is something you need to consider carefully. It’s important to get as much information as possible before you make a decision. Some areas to consider are:
If you're considering a remortgage to repay your debts, before you do anything else, you should speak to us. We'll be able to assess your situation and see if there are any other options available to help you deal with your debts.
Fill in the form if you would like to find out more about a Remortgage and if it might be a suitable option for dealing with your debts.
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