What are the drawbacks of getting a remortgage?

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What are the drawbacks of getting a remortgage?

Although remortgages offer many benefits they do also have some drawbacks, they are the following, penalties when switching, loss of discounts such as loyalty discounts, arrangement and procedures takes time, getting into more debt, and lengthening the repayment period. When switching from lender to lender, or from mortgage to mortgage with the same lender, there will be fees that you may have to pay. These could include early redemption fees, legal, admin, arrangement fees and valuation fees. Some mortgage lenders offer their customers loyalty discounts or points, this is a method that some lenders use to retain customers, these bonus’s are normally discounts on the lenders variable rate, by switching to another mortgage lender you may loose your ability to claim these discounts, your mortgage lender will try give you options when you notify them that you want to remortgage with another lender. In terms of the time it takes for the whole remortgage process; this can be rather lengthy as it will take you time to search for a better deal, and the time taken by all parties involved in the application process and the handing over etc. Another fact is that some people take out remortgages for debt consolidation; this is not always wise as the other debts are usually not secured against anything, but mortgages are, so failing to keep up repayments may lead to repossession of your home. Another factor for remortgages is that it may also leave you with a lot of extra money to spend, and this can be very tempting to spend unwisely. Also the repayment period may be lengthened; meaning although you pay a lower rate of interest your mortgage life span will increase. Another factor that needs careful consideration is for those who took out mortgages in the late 90’s, as these could entitle you to better social security benefits than mortgages after this date. If you remortgage you could loose this benefit.

Remortgage Frequently Asked Questions

Why should I get a Remortgage deal?	I am self employed can I get a remortgage?
What could I use the remortgage for?	What is the process of getting a remortgage?
When is the right time to Remortgage?	What are the costs involved in a remortgage?
How much can I borrow on remortgage?	How many times can I Remortgage?
I have bad credit can I still Remortgage?	What are the drawbacks of getting a remortgage?

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"Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage "

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