RE MORTGAGES EXPLAINED: A BEGINNER’S GUIDE TO REFINANCING YOUR HOME LOAN

Re Mortgages Explained: A Beginner’s Guide to Refinancing Your Home Loan

Re Mortgages Explained: A Beginner’s Guide to Refinancing Your Home Loan

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If you’re a homeowner, your mortgage is likely your biggest financial commitment. But did you know you don’t have to stick with the same mortgage for the full term? That’s where re mortgages come into play — and they could help you save money, reduce stress, or reach new financial goals.

What Are Re Mortgages?

Re mortgages simply mean switching your current mortgage to a new one. This can be done with your existing lender or with a new one offering better terms. You’re not moving house — just changing the financial agreement behind it.

Many people re mortgage to get a better interest rate, release equity, or find a more flexible deal that suits their life today — not the one they had years ago when the mortgage started.

When Should You Think About Re Mortgaging?

  • Your current deal is ending
    Most fixed-rate mortgages only last a few years. When they end, you often move onto your lender’s standard variable rate (SVR), which is usually higher. Re mortgaging can help you avoid that extra cost.

  • You want to save money
    A lower interest rate means lower monthly payments — and that money can be used for savings, investments, or everyday living.

  • You need to borrow more
    Whether it’s for home improvements, helping a family member, or paying off debt, re mortgages can allow you to unlock some of the value in your home.

  • Your circumstances have changed
    Life moves fast — maybe your income has gone up, or down, or you want a different repayment schedule. Re mortgaging gives you the chance to adjust.

Things to Keep in Mind

Not every re mortgage is a good deal. Look out for early repayment fees on your current mortgage and charges on the new one. Always compare carefully, and speak with a mortgage advisor who can guide you through the process.

Let’s Make Your Mortgage Work for You

At ARK Mortgages, we specialise in helping homeowners make smart decisions about re mortgages. Whether you're looking to save or simplify, we’ll help you find a deal that fits your life — not just your loan.

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