Buying residential property to rent out privately has been a popular option for the investor in recent years and mortgage lenders have been fast to provide mortgage products to suit this market.

Escape high interest rates
Remortgaging is a good way to escape high fixed interest rates and many astute homeowners are moving their mortgages to more competitive lenders to save money. In the case where your existing mortgage has a penalty clause built in, remortgaging often reduces your monthly mortgage payment enough to still save you money in the long run.

Release equity
As well as saving money, you can also use remortgaging to release equity that has grown in your property since your original purchase. Cash released in this manner can finance such items as:-

• a second property or holiday home
• foreign property investment
• new extension and home improvements
• a new car
• dream holiday

Consolidate Loans
Many people also take the opportunity of a remortgage to consolidate other expensive loans such as, car loan, credit card balance, etc. into one lower monthly payment.

Contact Galvin Financial Services today to discuss options to suit your needs.