To avail of a Lower Interest Rate
Your mortgage is a financial product – and like all products – the same product may be available on the market for a lesser price. That is why it is important to keep an eye on the mortgage market to ensure you are getting the best value available to you.
Capitalise on the value of your property
Many factors may have an impact on the value of your property. For example, if you have refurbished or remodelled your home or if you live in an area where there is a high demand for housing, your property value may have increased significantly. If the value of your property has significantly increased, this may place you in a lower Loan-to-Value Band which will entitle you to a much lower interest rate. Re-Mortgaging in these circumstances may significantly reduce the cost of your mortgage.
How to calculate your Loan-to-Value (LTV) Band*
Current Mortgage Balance / Property Value * 100 = LTV%
- The above formula is for illustrative purposes only and generates an estimate of what your Loan-to-Value Band might be.
You can have a look at what rates are available for your Loan-to-Value Band by clicking on the logos below:
You want another loan
It can be difficult to obtain a loan and, in some circumstances, re-mortgaging can be utilised as a way of easily raising capital while benefiting from a low interest rate.
Consolidate your debt into one monthly payment
If you have multiple debt repayments, you may be able to obtain a re-mortgage offer that will amalgamate your debt evenly spreading it across one term and consolidating your payments so that you pay one straight forward payment per month.
Choose a financial product best suited to your own financial situation
Given the lengthy nature of mortgage terms, it is often the case that your circumstances will change. It is difficult to reduce your monthly repayments and as such re-mortgaging may be a suitable option as an alternative.
The initial benefits of your current mortgage have expired
Banks will often offer first-time buyers or new customers attractive offers to secure their business. These offers can be quite beneficial, however, in time they expire and you find yourself being subjected to less attractive variable and fixed rates of interest.
When the initial offers that attracted you to your current lender expire, re-mortgaging may be a smart option for you.
Check out the best value mortgages currently available at the Competition and Consumer Protection Commissions website https://www.ccpc.ie/consumers/financial-comparisons/mortgage-comparisons/
Ready to get started remortgaging your property?
Get your Free Quote today and you too can start availing of all the benefits of re-mortgaging.