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A Loughborough remortgage offers discounted, fixed-rate and flexible packages, which benefit from the competitive interest rates of a mutual building society. Free valuations are available on some products, whilst those remortgaging in the local area could be eligible for fee-free discount packages.
The Loughborough building society provides credit cards, insurance, loans, mortgages and savings facilities throughout the East Midlands. It currently comprises 3 branches with combined assets of £238.6 million, £196.3 million of which is generated through mortgage loans.
A Loughborough remortgage can also be a great way to:
- Save on monthly repayments with a lower interest rate or better terms
- Release equity for home improvements or an extension – these can increase the value of a property if carried out professionally
- Consolidate existing 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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