A remortgage isn’t for everyone, but how can you best decide whether or not its right for you Take this personality quiz and see if you have what it takes to go after a remortgage for you and/or your family:

1. Can you accept change

YES – Then you are ready for remortgage! Because it involves changing lenders, you will have to keep an open mind regarding changing midstream, and with your personality, you shouldn’t have a problem with this. You wont feel disloyal about leaving your current financial institution; after all, you’ve the ability to separate what’s business from what is personal.

NO – If you stay with something to the bitter end, you might have difficulty coping with the fact that a remortgage will require that you use a brand new lender. Alternately, you may want to select a refinance instead, which generally takes place using exactly the same lender as you presently have. That way, you wont feel as if you’re cheating on your financial institution by seeking a remortgage.

2. Has your credit history transformed since you got your first mortgage

YES – For a good number of people and couples, their credit histories enhance with time. Therefore, the mortgage they took out in 1990 might still carry with it a very high interest rate although they now have an unblemished credit report. Therefore, a remortgage might provide the chance to get a significantly lower interest rate that will allow the borrower to save money in the long run.

NO – If your credit history has not altered much since you first borrowed money for your mortgage, you may not have to remortgage. After all, one of the main reasons for a remortgage is to change your payments and maybe permit you to save considerable sums.

3. Are you good at doing research

YES – You love the thrill of researching and investigating something new, so you’ll be into hunting for the best remortgage deal available. You also wont get discouraged if you do not find terrifically low interest rates the first time you window shop for a remortgage; you’ll just wait a few days and try again!

NO – In the event you do not like researching, you might want to reconsider getting a remortgage. Alternately, why not ask someone else to do your investigating for you That way, you can get the very best remortgage deal possible, but without the research that isnt your specialty.

4. Do you like saving cash

YES – Saving here after which really makes you smile, so a remortgage is particular to elicit a wide smile! Numerous people have been able to sock away huge amounts of money, thanks to taking out a remortgage and pocketing all they’d have spent on interest. You’ll also be able to pay down your principle rapidly with a remortgage, saving you even further!

NO – Are you really not that interested in saving any moolah Then a remortgage might not mean as much to you but you still ought to consider it… after all, a penny saved Is a penny earned!

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