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A Nottingham remortgage provides services for homeowners in Nottinghamshire, Derbyshire, South Yorkshire, Leicestershire and the Home Counties. Nottingham’s products allow you to borrow up to 95% of the property value, and include free valuations and legal fees. Interest is calculated on a daily basis, ensuring that the rate is reduced in step with your mortgage balance.
Nottingham Remortgage Review
Nottingham Building Society was established in 1849. Today, it is one of the UK’s top 20 building societies, with assets of £1.8 billion. The Society owns the residential estate agency Nottingham Property Services, a field leader in its trading area.
Nottingham Building Society was voted ‘Best Lender for Discount Mortgages’ in Moneywise magazine’s 2006 awards. It was also highly commended for its remortgage service and customer care.
The Nottingham remortgage lets you:
- Enjoy a more flexible approach to your mortgage, with the option to repay up to 10% of the total capital per annum without penalty
- Protect yourself from interest rate fluctuations in the early years of the mortgage agreement
- Consolidate debts at a better rate and terms than a loan for the purpose
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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