Your home may be repossessed if you do not keep up repayments on your mortgage
Remortgage advice
Often people think that the only option they have when they come to the end of their fixed rate is to re-fix with their current lender. This isn’t always the best option, I offer a free remortgage and product transfer service, which will allow us to review a comprehensive panel of lenders in line with your evolving needs.
Perhaps you want to restructure your mortgage term or borrow more for home improvements. As your lifestyle, needs and affordability change over time, so too can your mortgage.
Don’t feel pressured to remortgage. Instead, when you’d like to rethink the deal you’re currently on to take advantage of things such as a change in income or fall in interest rate, get in touch with me and I’ll help walk you through the remortgaging process.
What is remortgaging
Remortgaging is the process of switching your mortgage deal to another package when your mortgage terms are coming to an end. Switching can often incur a fee.
When should I remortgage?
Remortgaging is different for everyone, but usually, people remortgage to take advantage of low-interest rates, move to a more attractive rate than the one they’re currently on, renegotiate after the end of a fixed-rate term or to allow for overpayments or borrowing more money.
The Benefits Of Remortgaging
Remortgaging offers a variety of benefits that can postively impact yours, and your family’s lives.
Access lower interest rates: if your mortgage was taken out when interest rates were higher, you may be able to remortgage to a lower rate and benefit as a result.
Use equity for cash: remortgaging can help free up equity to be used as cash.
Switch to a more suitable rate: your lifestyle and career may have changed in a way that remortgaging to a different rate is more beneficial. This can happen at both ‘ends’ of the spectrum: whether you’re looking to reduce your overall payment period or extend it to reduce payments.
The Cons of Remortgaging
Remortgaging isn’t always a great idea and often comes with a variety of pitfalls and challenges to be aware of.
Increased overall costs: a mortgage is a debt, and as such choosing a remortgaging arrangement that extends the length of your repayment period can lead to increased overall costs.
Fees: remortgaging often involves fees, which makes a mortgage advisor even more important as they can help you understand these and navigate the best deals.
Time: remortgaging can often be an extended, multi-week process that must be seen through to the end.
All of these issues are more easily dealt with when you seek the assistance of a professional mortgage advisor. I can help you avoid the negative aspects of remortgaging and find a deal that suits your lifestyle.
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Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice