Mortgagesand Remortgages
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Remortgages can be used for various reasons, but the most common reason for people obtaining a remortgage is simply because it will work out cheaper for them than their existing mortgage plan. For example, the introductory discounted interest rate may have finished with your current lender; therefore you may be entitled to a discount, or even a lower APR, with another lender. Another common reason for obtaining a remortgage is for debt consolidation, if the remortgage is for a larger amount than that which is owed on the existing mortgage. It is possible to remortgage up to 95% of your property, but if you have already paid off a large proportion of it, you may be better off if you instead consider an Equity release plan, rather than a remortgage.

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If you are in a position where you qualify for equity release, you should consider the two types of equity release plan that are available:

• The Home Reversion Plan - this allows you to sell a percentage of your home; the loan is redeemed upon the sale of your home. The interest that the lenders receive takes the form of the increase in the value of your property.
• The Equity Release Mortgage Plan: this plan works in a similar way to a standard mortgage, however it has one big difference; the 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 accrued.

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