1. Early repayment charges. For many mortgages
taken out in the last five years, there are often penalties
for redeeming that mortgage early. This can often wipe
out any savings.
2. Small mortgage - unless the costs are met
it is not worthwhile.
3. If the mortgage exceeds 90% of the property
value then a new lender may charge an indemnity premium
which can wipe out some of the savings
4. Changes in personal circumstances. For example,
if you are contemplating moving it may be better
waiting until you move.
5. Bad debt. With changes in credit score systems
a new mortgage application may be rejected and an internal
switch should be thought about.
YOUR
HOME MAY BE REPOSSESSED IF YOU DO NOT
KEEP UP REPAYMENTS ON YOUR MORTGAGE.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST
YOUR HOME
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