Remortgage Advice in Hull

As you begin nearing the final stages of your primary fixed period for your mortgage, you should probably start looking at what you’re going to be doing next.

For the most part we find that homeowners will look at their options for taking out a Remortgage, as once your deal ends, you will be automatically placed onto the Standard Variable Rate of your mortgage lender, which isn’t always the best of outcomes for homeowners.

The reason why so many prefer to avoid this route, is because the interest rate for an SVR tends to be a lot more than your initial fixed period, means your monthly mortgage repayments will likely go up. As such, taking out Remortgage Advice in Hull is a regular choice that homeowners make, ahead of their term ending.

Our hard working team of mortgage advisors in Hull have done all they can to support a wide variety of different mortgage customers when it comes to releasing equity as a means of funding any potential home improvements.

This often becomes the go-to choice when homeowners are looking to get started on any large improvements they have been planning for, such as a new extension to the home, a new remodelled kitchen, or perhaps even a converted loft.

If you are researching the different ways that you could release a large amount of equity to fund any new home developments, such as a new home extension, there are a lot of different mortgage lenders who may want to see quotations of how much the work is expected to cost.

When it comes to releasing equity, just remember becayse of this higher loan to value, you will find your monthly payments will increase.

Some homeowners may look to use their mortgage as a means of consolidating any unsecured debts they have, as utilising this option allows for you to combine all your current outgoings into one strong manageable monthly payment that will be consistent throughout your term.

It is important to remember though that this type of route will extend your debt over the entire course of your mortgage term and by the time it finishes, you’ll have paid back more overall. There is a lot for you to consider before you start looking at debt consolidation.

We would definitely recommend that you speak with a Mortgage Broker in Hull prior to securing any of your debts against your home.

You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.

Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.

If you are the co-owner of a property and are looking to take someone’s name off your mortgage, you may be able to achieve this by taking out a remortgage in Hull.

Even if you decide you would be better off staying with your current lender, you’ll find that the mortgage process won’t change too much, as either way the lender will need to have confidence that you have good credit and can be reliable in your monthly mortgage repayments without anyone as backup.

For more information on anything we have mentioned here regarding Remortgages, please feel free to take a look at our handy guides in our Remortgage section.