A Universal remortgage now comes from Newcastle Building Society, following a 2006 merger. But if you were considering a Universal remortgage, Newcastle’s range of products still offer competitive terms to meet your needs, even if you are self-building or have a poor credit history.
Universal Building Society was established in 1863, providing home finance, investment and savings services from a single branch in Newcastle-upon-Tyne. It played a key role in developing the residential landlord service King’s Manor Properties Limited, now owned by Newcastle Building Society.
Universal Building Society merged with Newcastle Building Society on 31 December 2006, and now trades under the name of the latter. The resulting organisation is the largest in the North East, with combined assets in excess of £3.8 billion.
A Newcastle Building Society remortgage could help you to:
- Release equity from your home as a cash lump sum or regular income
- Offset any savings against your mortgage to reduce the total interest due
- Maintain a positive bank balance during a building project, with the money for each stage released before the work begins
- Consolidate debts from credit cards or personal loans
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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