Is your current mortgage deal coming to an end? Do you need to borrow some extra money? If so, then it could be the right time for you to remortgage.
We often see customers leave searching for a new deal too late and end up slipping straight onto their lender’s standard variable rate. This is why you should always keep on top of your mortgage and make sure you know when your term is ending. Undoubtedly, a lender’s rate will be a lot higher than your current rate, meaning that your monthly payments could shoot up. So remember, keep on top of your mortgage, speak to a Remortgage Advisor in Hull, there is nothing wrong in thinking ahead!
We tell every customer to look around first before committing to the same lender. There could be hundreds of better deals with lower rates out there, don’t stick with the same lender just because you think it is easier. Lenders don’t reward loyalty, in fact, they could offer better deals to new customers than to customers who have been with them for five years!
Some people like to get it over and done without speaking to an advisor or their lender, they just do it by themselves online and switch over there and then, this is called an execution-only mortgage. Yes, it’s easy to do but you do not benefit from any consumer protection that you would’ve got by taking advice. Lenders love their customers doing everything online as sometimes applicants can mess things up and take out the wrong product, which can actually result in the borrower being on a higher rate than what they could’ve been on had they taken Remortgage Advice in Hull.
There are lots of different types of mortgages out there and some of them are more popular than others. We have also made some “Mortgages Explained” YouTube videos on moneymanTV, be sure to check them out if you are interested.
Do you feel like your home is due some upgrading? Did you know that you can remortgage for home improvements? It can be a very good investment as some improvements such as extensions or loft conversions can add more value to your property. People who are not looking to increase their property value and have found their “dream home” will also borrow for home improvements, there is nothing wrong with this, they just want to make give their home a bit of a makeover. You can increase your mortgage to pay for cosmetic alterations as well as structural work.
If you need to borrow a significant amount of money, your lender will reserve the right to ask you for estimates for the works you intend to have carried out. You don’t necessarily have to use the contractor that provided the estimate to do the actual works.
You can raise capital on your property when you remortgage for almost any legal reason. This could be for large consumer purchases, gifts to help family members, to purchase a Buy to Let property or for debt consolidation.
Remember, you will still be paying interest on a remortgage for a long time after you take one out so you need to make sure that you are borrowing for the right reasons and that you will be able to meet monthly payments during the whole mortgage term.
Adding unsecured debt to your mortgage may result in you paying back more interest overall. This is because a mortgage term is usually much longer than the length of a personal loan (this isn’t always the case).
You will need to consider that you are taking unsecured debt and securing on your home. Which will not sit easily with everyone as you are under the risk of repossession if you cannot afford your mortgage payments down the line.
You will need to know that if you have 0% credit cards, the interest rates that apply to the debts that you are considering rolling onto your mortgage will start attracting interest too.
You should consider all of your options before deciding to consolidate debts. We think that the best way to make a decision is to seek Remortgage Advice in Hull from a remortgage advisor. They will evaluate all of your options and then recommend you with the best route to go down. They might even recommend that you don’t take a debt consolidation remortgage, it’s the option that will benefit you the most.
Often, consolidating debts into your mortgage leads to a reduction in your monthly outgoings. Some customers end up reducing their payments by hundreds of pounds.
Find out if this is the right option for you and speak to a Remortgage Advisor in Hull today, we can’t wait to assist you with all of your remortgage needs.