What is remortgaging?

Re-mortgaging, or 'bond switching', is the practice of transferring banks by cancelling your existing mortgage and taking out a new one with a different lender.

With South Africa’s property market fast falling in line with international trends, remortgaging has become commonplace as consumers begin to realise the value of working with remortgaging specialist – a practise that has been long established in European and US markets.

The majority of remortgage clients do so because their financial positions have improved since the time they first secured their home loan. Whether their house is worth more in the current market, or their own financial situations have changed, people realise that shopping around for new mortgage rates can secure them better bonds.

Why re-mortgage?

• Secure cheaper interest repayments
• Withdraw extra finance on the back of the increased equity you have in your house.
• Consolidate outstanding debts on credit cards or bank accounts into one monthly repayment, taking advantage of the lowest rate possible due to the economies of scale with the bond.
• Raise capital for expenditure on the property, like extensions or new bathrooms or kitchens.
• Raising finance for a new business by increasing the value of your home loan and borrowing at far cheaper rate.

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