If a homeowner has been considering moving his mortgage to another lender there has never been a better time to do this, as interest rates are so low at present, starting from about 1.98% for homeowners with at least a 40% deposit.
Mortgage lenders have very different rates of interest and therefore it is always worth finding out what rates are available.
Others have seen their overtime cut or their working week has been decreased to three or four days instead of the normal five. This makes it difficult for people to make ends meet.
However always pay heed to what your early settlement penalty might be if you settle your current mortgage early, as penalties can be steep.
However with most mortgage lenders there is no penalty after one or two years, making that the best time to consider changing mortgage lenders either to obtain a lower rate of interest or to release equity on your property for a vast array of reasons.
However if you are a homeowner you really should consider taking out a remortgage and using it as a debt consolidation loan to refinance and roll all your financial outgoings into one much lower repayment.
This is a very cheap way of funding home improvements with remortgages starting at under 2% for those who are in the fortunate position of having good equity.
An LTV of 60% or less is required for this exceedingly low rate which means that to remortgage for 200,000, your property would have to be worth a minimum of around the 330,000 mark.
Home improvement loans arranged via the home improvement company normally have an interest rate of about 25% which is a million light years away from the remortgage rate. Remortgages can be used for almost any other legitimate purpose such as holidays, home improvements, weddings, motor home purchase, etc.
In addition to the great savings you will only have one payment monthly making our finances easier to handle.
The best way forward is to contact a whole of the market mortgage and remortgage broker who can provide you with your options, and as rates are so good at present it could be prudent to strike while the iron is hot.
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")