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Mercantile Remortgage

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Mercantile Remortgage

If you’re seeking a Mercantile remortgage, it now trades under the Leeds name, as a result of a merger with Leeds Building Society. You’ll still find the same innovative packages at Leeds, with new advantages that include the ability to offset savings from up to 3 separate accounts, and specialist lending for those with a poor credit history.

Mercantile Review

Mercantile Building Society was founded by North Shields citizens in 1875. Before the 2006 merger with Leeds Building Society, it had almost 40,000 members and assets of £240 million.

The current Leeds Building Society has more than 635,000 members, and assets of £7 billion. It was declared ‘Best Building Society’ in Mortgage magazine’s 2006 awards.

Remortgaging with Leeds Building Society could help you to:

  • Take a more flexible approach to repaying your mortgage, with the option to “borrow back” from any overspend throughout the year
  • Offset excess income to reduce interest on borrowings
  • Consolidate debts from credit cards and loans into a single servicing payment

What is a remortgage?

A remortgage is when you replace your existing mortgage with a new one. There are many reasons for remortgaging, but the majority fall into one of the two following categories:

    • Remortgaging to save money – If you have a fixed rate mortgage deal, your interest rate will usually switch to the lender’s Standard variable Rate (SVR) which is likely to be higher and will probably mean that you have to pay more each month. By switching to a better deal with a different mortgage provider, remortgaging could potentially allow you to benefit from lower interest rates and lower monthly mortgage repayments.
    • Remortgaging to raise money – Remortgaging can allow you to release some of the equity in your home. This could be useful if you wanted to carry out repairs to the property, add an extension, help your child with their own mortgage deposit, or consolidate other existing debts.

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