It might be time to change your mortgage
There are a number of reasons why you might look to re-mortgage your home. It could be to help you with your monthly budgeting and a way of reducing your mortgage payments. Perhaps you want to repay your mortgage earlier than previously planned. You could even use it as a way to raise funds for a large expense or consolidate other short-term debt.
Whatever your reasons for considering a re-mortgage it’s a good idea to talk to a mortgage adviser. There are plenty of options available. I can help you understand the implications if you are thinking of leaving your current lender as well as other opportunities.
Your mortgage product has finished
Many of us take out a fixed rate or discounted mortgage product. What this means is the deal will come to an end before the end of your mortgage term. At this stage you are in a position to re-mortgage. You can ask a mortgage adviser like me to review the market, find another fixed deal or consider other mortgage products which may be better for your circumstances.
I can help you with this process. You need to be careful of any early repayment charges. These can apply if you have been tied into an initial deal before being transferred onto the standard variable rate (SVR). It is often an easier process to remain with your current lender but there is an opportunity to review the market.
It’s time to look at your mortgage options
Your financial circumstances may have changed so that you want to overpay on your mortgage. Not all products will allow this to happen, some may only accept small overpayments. There are more flexible products in the market. These will allow you to overpay, take payment holidays and pay your mortgage off early.
Interest only mortgages are a good vehicle to help people onto the property ladder. The monthly repayment amounts can be relatively low. But if you now want to repay your capital as well, you will need a repayment mortgage. Many lenders will simply allow you to change your product but if not, there are options I can research for you.
A way to manage your borrowing
Often the most cost-effective way to borrow additional money is through your mortgage. Making home improvements, buying a new car or funding a wedding can all prove expensive. If you don’t have sufficient money in your savings, borrowing the money is another option.
Re-mortgaging is a way to borrow additional money. A low interest rate is always very attractive but you need to take into account all the arrangement fees. I can advise on these aspects and search the whole of market for the most suitable deals for you.
Another reason why you might look to re-mortgage is for debt consolidation. If you have a lot of smaller debts on credit cards or maybe personal loans then pulling all these together into one mortgage loan will give you a lower interest rate overall. It will also help you budget by giving you a single monthly payment to manage.
There is a lot to consider when you are thinking about re-mortgaging, which is why I thought it might be useful to give you the most common questions I am asked.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
By consolidating your debts into a mortgage, you may be required to pay more over the entire term than you would with your existing debt.
Is now a good time to re-mortgage?
If you have no sizeable early repayment charges and wish to secure a cheaper interest rate, this may be a good time to re-mortgage.
What fees are involved in re-mortgaging?
Should I consolidate my debts?
How much equity do I need in my property before a re-mortgage is possible?
Do I have a good credit history?
What type of mortgage do I want?
How do I start a re-mortgage process?
What can I re-mortgage for?
Will I need to pay you a fee if I’m re-mortgaging?
What my clients say
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"What is the point in having a mortgage advisor? I was very reluctant to bother having a mortgage advisor, I’ve got good credit and can work the internet, I’m also married to someone that sold mortgages for over 10 years so what do you get for your money, turns out lots! We were fairly easy in terms of getting mortgage but our solicitors were dreadful and caused so many issues we were very close to being homeless over Christmas if not for Catherine’s intervention. If you do a mortgage online and things go wrong with builders or solicitors you have only a call centre to fall back on, with Catherine you have someone that really cares and will pull strings to make things happen in a way you could never do with a bank"
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