Remortgaging can help your financial health in many ways. In simple terms, remortgaging involves moving your current mortgage to a new arrangement, arranged either with your existing lender or with a new lender.
The core reasons to consider remortgaging are:
To not lose money unnecessarily
When you took out your current loan, there will have been features that made it competitive and attractive to you. It may be that your incentive period is coming to an end, or simply that the market has changed. This could allow you to save money on your monthly repayments, or to repay your mortgage sooner. If your current lender doesn’t offer better rates or greater flexibility on its other products, you may want to consider switching your mortgage to another lender.
You may be better off doing so, even if this triggers early repayment charges payable to your existing
lender, as this could still mean a net saving to you.
To avoid moving home
It can be more convenient and cost effective to enhance your existing property, rather than move home. This can be financed by remortgaging or a further advance.
To get a lump sum for a special cause
You may have a wedding or education fees to fund. If your property value has risen, you could release some of the equity to help towards this.
To consolidate debts
Remortgaging can allow you to release some of the value you hold in your home and consolidate other debts that can attract higher rates of interest than that of your mortgage (e.g. credit cards).
Think carefully before securing other debts against your home. While debt consolidation often reduces the amount of repayments, making them more affordable, it will normally involve extending the term over which you repay the debt(s), which often results in you paying more for the debt in total.
The remortgage market is complex. There are many different mortgages to choose from. So it’s good to know that, as your adviser, we are on hand to answer your questions.We will help you with the tricky process of not only getting a mortgage, but getting the right mortgage. We take pride in offering a personal service that takes into account your individual circumstances. Your financial situation is unique, so we work hard to understand your goals and aspirations, and make financial recommendations based on a comprehensive and detailed analysis of your needs.
Ask About Mortgages – our role in your remortgage
Ensure you do not waste money unnecessarily by paying a higher monthly amount than you need to
for your borrowings
Save you time and effort by choosing the most appropriate solution
Stop you missing out on the most cost effective way of arranging your loan.
Think carefully before securing your debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.