What is Remortgaging?

Remortgaging is the process of taking your mortgage back out to the 'market' to get banks (including your existing bank) to re-compete for your business. This may be to get a better rate of interest, more money, or a new product. Your existing mortgage will have been offered to you based on your financial situation when you applied for your new mortgage to buy your property. If that was 5 years, or even 2 years ago your situation is probably completely different now. For example your salary may have increased, your house price has probably doubled, and your business may have thrived. All of which means that you are a better risk to the lender, and hence deserve a better rate. There has also been a considerable increase in mortgage products available in the market. This may mean that you require a different mortgage from the one you currently have. You may require a greater degree of flexibility, or choose to put yourself on a fixed mortgage as you are concerned about increases in interest rates affecting you.

What ever your requirements you can discuss this with your BondBusters remortgaging consultant so that they can source the most appropriate solution for you. Bond Busters introduced the concept of remortgaging to South Africa and are the market leaders in the industry. Since the introduction of the National Credit Act it is essential you seek qualified mortgage advice from a broker due to the complexities of the Act and your affordability calculations.