Bounce Magazine 78

APRIL 2019 APRIL | 2019 ISSUE | #78 ISSUE | #78 LIFESTYLE
By Mel Mihill,
Mortgage Consultant,
Ipswich Building
Society
WHAT HAPPENS IF I WANT TO
CHANGE MY LOAN?...
When you remortgage you can change
your requirements, such as:
If you’ve got a
mortgage you’ve
probably heard the term ‘remortgage’.
Find out more about what it means and
what your options are.
WHAT IS A REMORTGAGE?...
A remortgage is simply switching your
mortgage deal to a new one, continuing to
use your property as security against the
loan.
You can remortgage with your existing
provider or with a different lender.
A remortgage typically takes place once
your current mortgage product ends (this
is usually a specific interest rate applied for
two or three years, or longer). You should
check the terms of your current mortgage
deal carefully to make sure you are aware
of the end date and any fees, charges or
penalties which may apply to move your
mortgage.
• Increasing the amount borrowed -
for example to use the funds for home
improvements or gift a deposit to help a
family member onto the housing ladder
• Reducing the amount borrowed - using
savings to pay off some of the previous
loan.
• Amending the ‘term’ (length) -
typically you will have lower monthly
repayments if you opt for a longer term,
but you will pay back more interest in total
than if you choose a shorter term with
higher monthly repayments.
Whatever your circumstances, it’s
important to get a mortgage that fits your
own individual needs.
At Ipswich Building Society we offer free,
no-obligation mortgage advice through
our team of Mortgage Consultants. If
you’re looking for a mortgage with us
we’ll do our best to find the right one for
you. Give us a call on 0330 123 0773 or
visit www.ibs.co.uk
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