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A remortgage could be the solution you are looking for if you are under the belief that your existing mortgage is costing you too much money. It may also come in useful as a borrowed lump sum that can be used for other expenses. A good remortgage can potentially result in significant long term savings, mainly due to differences in interest rates. For example, if your current lender issued a mortgage with a low introductory interest rate which increased to a higher rate after a certain period, a remortgage may be a suitable method to maintain the lower interest rate.

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Debt consolidation is also a good purpose for a remortgage, provided that the remortgage value is higher than the balance on the borrower’s existing mortgage. If you have already paid off a significant amount of your existing mortgage, you may wish to instead consider an equity release plan, of which two types are available:

• The Home Reversion Plan – Upon confirmation of the sale of a portion of your home, your loan is redeemed. The interest that the lenders receive takes the form of the increase in the value of your property.
• The Equity Release Mortgage Plan - this is similar to a standard mortgage, but the main difference is seen in the way that interest does not have to be paid monthly. You can borrow an agreed sum of money against your home, and not pay any interest until the property is sold. It is at this point the lender redeems the loan, plus any interest that has been accrued.

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