There are a number of reasons to consider remortgaging. Over time your personal circumstances and needs may change and thus remortgaging could find a product which suits you better. In addition, there will be new mortgage products available on the market and these could be a better fit with your current lifestyle. Therefore, it’s always a good idea to keep up to date with what’s available and to review your options regularly.
- It could reduce your monthly outgoings.
- It could help you pay off your mortgage more quickly:
- If you remortgage to a lower rate this can free up cash for you to make overpayments.
- Or you could actually increase your monthly payments which would allow you to take the mortgage over a shorter term.
Have Your Circumstances Changed?
At many of the milestones in our lives it’s a good idea to look at your current financial situation and weigh up whether your mortgage is still a good fit for you. Maybe you are getting married, changing jobs or even starting a family. If so, it’s the perfect time to speak to us about the potential benefits of remortgaging.
Are There New Products Available Which Would Suit You Better?
Mortgage providers change their mortgage products regularly. It could be that a product which was not available to you when you first took out your mortgage is now a good fit. Get in touch and talk through the options with us as moving to a new lender could result in significant savings over the life of your mortgage.
Worried About An Early Repayment Charge?
You may have to pay an early repayment charge if you remortgage. However, if this is a concern for you get in touch to talk through your options as savings and other benefits can still be available even if an early repayment charge applies.
Reasons to Consider Remortgaging
End of a Fixed or Discounted Deal
At the end of a fixed or discounted deal period it’s a good idea to see what other remortgaging options are available to you. It’s important to weigh up whether a lower interest rate will save you money over time and some lenders even offer to contribute to the costs.
If you need more space in your home, extending or improving your property can be a cost effective solution when compared to the expense or upheaval of moving home.
If you need to raise funds to carry out improvements there will be various options available to you including: remortgaging; taking out a secured loan; or a further advance from your existing lender. Call us to talk through your options as we can help advise you on the most cost effective solution.
If you want to reduce your monthly outgoings one option is to consolidate your debts into a single monthly payment. Call us and we can walk you through the options and review your finances. The options available to you could be a secured loan or a further advance on your existing mortgage. Debt consolidation, while reducing your monthly payments, will usually mean an increase in the length of the term and an increase in the debt.
For general informational purposes only, not intended or to be taken as legal advice. To make sure this is appropriate for you please seek advice and contact us.