If your current mortgage deal is coming to its end then it may be time to think about remortgaging.
People who don’t realise that their mortgage deal is coming to an end can sometimes end up rolling straight onto their lender’s standard variable rate if they are not careful. 9 times out of 10, this rate will be significantly higher than your current rate. This is why we recommend that you always keep up to date with your mortgage and make sure you know when to start looking to remortgage.
A great way to get up to date would be to speak with a Remortgage Advisor in Grimsby, like us, we will evaluate your financial and personal situation and then search through 1000’s of remortgage deals until we find the perfect one for you! Remember, you can still take out another loan to help you afford your new remortgage deal and it’s payments, it can be added on top of your monthly payments.
Lenders want you to stay with them, they don’t like their borrowers shopping about for better deals even though it would benefit you more if you did! Shopping around rather than staying with your current lender could open you up to deals that are way better than your current one. Lenders will not reward you for being loyal, they will probably be offering better rates to their new customers over you. This is why you should have a look around as there are tonnes of remortgage deals out there for you.
You will find that some people don’t want the hassle of looking through hundreds of remortgage deals so they just do it on their own online and switch over there and then. This is an execution-only mortgage, the downside is that you get no consumer protection, whereas you would’ve had you had taken Remortgage Advice in Grimsby. We also see that people who do everything online can easily trip up ending up on a much higher rate than what they could’ve got, lenders love this, as harsh as it sounds.
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.
If you feel like your home would benefit from some upgrades, remortgaging for home improvements could be the best option for you. You may want to increase the value of your home or you may just simply want a makeover with a loft conversion, an extension. You can increase your mortgage to pay for cosmetic alterations as well as structural work
If you are planning on borrowing quite a lot of money, your lender has every 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.
You will still be paying interest on a remortgage for a long time after you take one out. This means that you have to be sure that you are borrowing for all of the right reasons and that you will be able to keep up with these monthly payments throughout the whole of your mortgage term.
Adding unsecured debt to your mortgage could potentially result in you having to pay back more interest overall. This is because the length of a mortgage term is usually a lot longer than the length of a personal loan (this is not always the case though).
Taking unsecured debt on your home will not sit easily with everyone, for example, lenders may look at it that you are under the risk of possession if you can’t afford your mortgage payments in the future.
You will need to know that if you own 0% credit cards, the interest rates that apply to the debts that you are thinking of transferring onto your mortgage will start gaining interest too.
If you don’t know what you doing, remortgaging can become complicated very quickly. There are lots of different routes to go down and it’s hard to see which one will benefit you the most. This is why going through all of your options with a Mortgage Advisor in Grimsby could benefit you most. Here at Grimsbymoneyman, an advisor will recommend you the best way to go about remortgaging regarding your personal and financial situation. They might even recommend that you don’t take a debt consolidation remortgage, they will always work with your best interests at heart.
Often, consolidating debts into your mortgage can decrease your monthly outgoings. Sometimes borrowers can end up saving hundreds of pounds because of this.
Find out if remortgaging your property is the best option for you and speak to a Remortgage Advisor in Grimsby today, we can’t wait to help!