Newcastle Building Society Remortgage
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With a Newcastle Building Society remortgage deal, you could get a flexible, more competitive rate than with your current provider. Newcastle building society offers a range of different remortgages, including fixed rate, variable and stepped discount rates, special deals for first time buyers and landlords, lifetime mortgages for people aged 55 or over and specialist remortgages for people with adverse credit and the self employed.
Newcastle Building Society Review
Newcastle are one of the strongest UK mutual building societies and one of the biggest in the North East. Their roots go back as far as 1861 and their current form came from a merger between the Grainger and Newcastle Permanent Building Societies in 1980. They manage in excess of £3.4 billion.
The Newcastle Building Society remortgage deals could:
- Get you a lower rate, saving you money on monthly repayments
- Free up the equity in your home allowing you to spend the extra cash on home improvements which could in turn increase the value of the home.
- Allow you to consolidate exisitng debts
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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