Basic tips on remortgages UK Here are some reasons for remortgages in the UK: Save money by letting you pay less interest on your home mortgage. Your home mortgage is probably your largest debt, so you want to have the best interest rate possible. Interest rates may have gone down since you first purchased your home, or you may have improved your credit rating or income enough to qualify for a lower interest rate. A lower interest rate can both shorten the term of your loan and reduce your monthly payment amount. Get cash for home improvements, college tuition, or other needs. Need cash for home improvements, to start or expand a business, or to pay off credit card, auto, or other non-deductible loans? If your home has increased in value, you can use a UK home remortgage loan to get extra cash. With remortgages in the UK, you can increase your loan amount, giving you cash that you can use any way you want. And since your interest rate is lower, your monthly payments often stay the same – or may even drop, depending on how much cash you get out. Consolidate high-interest debts into a new home loan. Credit card debt, auto loans, bank loans – if you have high-interest debts, you can consolidate them into your mortgage payment when you remortgage your home. The advantage of consolidating your debts into your home mortgage with a remortgage is that not only are your interest payments lower, but they are also tax deductible. Adjust your mortgage term When you remortgage your home, you can take the opportunity to change your mortgage term. Maybe you originally took out a 15-year mortgage, but want to remortgage to a longer loan term so you can have more cash each month. Or maybe you want to reduce your mortgage term from 30 years to 15 or even 10, and get your mortgage paid off more quickly. Change your type of mortgage One of the biggest reasons for remortgages in the UK is to switch from a fixed-rate loan to an adjustable-rate loan or to switch from an adjustable-rate loan to a fixed-rate loan. (With a fixed-rate loan, your mortgage payments are always the same, while with an adjustable-rate loan, they vary over time.) If you plan to stay in your home for five years or less, you can save money by remortgaging to an adjustable-rate loan, because interest rates usually start out lower for these loans. On the other hand, if you already have an adjustable-rate loan and the interest is higher than the current fixed-loan rate, it can save you money to remortgage with a fixed-loan rate. Eliminate private mortgage insurance Are you paying money every month for private mortgage insurance to cover your mortgage payments should you become redundant, have health problems, or are otherwise unable to make your mortgage payments? The sooner your mortgage is paid off, the sooner you can save that money. Remortgaging to a shorter term means you get your mortgage paid off sooner and can drop your private mortgage insurance. |
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| Consumer Tip: I have a confession to make: I'm a supercilious devil. I get a lot of emails from people enquiring about item I know are wasting my time. They've been to two dozen web sites, sent each one a one-line email saying "Help me give it to me NOW", sometimes adding "for free!". When you do give a (considered) reply, you hear nothing back. The best ones are the out-and-out leeches. They'll call you up, asking detailed questions, say thanks very much, then take their product-related business(?) elsewhere (if they can bear to lever open their wallets at all). I used to wonder why item sellers were sometimes so abrupt. No more. They have sales quotas, and after 1000 calls, the rep. gets to know a hot prospect, or a time-waster very quickly.
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Blockbusting fiction is bought as furniture. Unread, it maintains its value. Read, it looks like money wasted. Cunningly, Americans know that books contain a person, and they want the person, not the book.
Anthony Burgess (1917 - 1993) English novelist, critic, man of letters. You've Had Your Time, ch. 2, 1990.
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Time now: 15:35:40 | Saturday | July 05 | 2008..
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