Remortgaging in Hull could be the next step for you if you have decided to stay in your current property and not move house. It is a way for you to stay in your current property with more favorable interest rates and works by being transferred from your existing deal to a better deal. As an experienced remortgage broker in Hull, this is something our team of mortgage advisors can help with.
The banks count on their customers not being as knowledgeable and shopping around for a better deal. Often, you will find there are cheaper offers for you elsewhere. Ways to find them could be speaking with a knowledgeable mortgage advisor in Hull who can assist with comparing deals or you can seek these out yourself through a price comparison site. From this, you will find there is probably a deal appropriate for you. However, price comparison sites mainly look for your best deal on an interest basis.
Providing that you’ve been on your current mortgage deal for some time, there is a possibility that you could be on a low Bank of England tracker deal. You could even be paying less than 1% so, it may be best for you to stay with that mortgage deal. This could become an issue if the base rate eventually rises as well as your payments.
Yes, there is a chance providing that you pass the affordability checks and assuming there is a good amount of equity in your property. From this, you may be able to increase your mortgage to fund future home improvements.
It can be a very wise option because it gives you an updated home and the chance to increase the value of your property if done carefully and with the right help. We find this can help customers in the process of updating their kitchen, converting a loft, or creating a home office.
As well as home improvements, you can borrow extra funds for most legal purposes, this could include:
Adding debt to your mortgage might not be the best idea. If this happens, you will end up paying back more interest overall through extending the term of your debts to make the payments lower.
Another risk of this is that you are taking debt, which is not secured and, securing it on your home. It could create the potential risk of having your home repossessed. Something that will likely be a problem would be consolidating debts that you can afford or credit cards that are 0% interest.
It’s important to know that you need to speak to a qualified mortgage advisor prior to securing any debts against your home.
An option you could take is to reduce your monthly outgoings to avoid missed payments. By doing this, you are decreasing the risk of your credit rating being in a bad state.
A “Product Transfer” or “Retention” product, is one option a lender will offer. This method allows the lender to provide you with a new deal to stay with them. You would need to contact your provider directly to see what is available to you, however, this option isn’t guaranteed.
In some cases, lenders will allow you to make a product switch online without providing further information or advice.
Staying with the same provider and switch products might be an easier option, however, putting a new application to a different lender may save you a lot of money.
You will find that many banks would offer favourable rates to new borrowers over existing ones. They will be a time where lenders will take a more ethical approach that could have a positive change on customer loyalty.
Date Last Edited: 09/29/2023