Popular Reasons to Remortgage in Sheffield
Remortgage to Find a Better Deal
Towards the end of your initial fixed period for your mortgage in Sheffield, you’ll need to start looking at your options.
Typically, people will look to obtain a Remortgage, as at this point, you will find yourself automatically switched onto your lenders’ SVR, Standard Variable Rate.
This interest rate for an SVR will usually be higher than your initial fixed period, which will serve to increase your monthly mortgage repayments.
This is why it’s a popular choice to seek Remortgage Advice in Sheffield at this point in time.
Remortgage to Fund Home Improvements
We have worked hard to help a vast variety of customers release equity from their homes as a means of funding any home improvements.
These are usually for rather large planned improvements, such as a home extension, a new kitchen remodel, or a conversion to the loft space.
If you would like to look at your options to release a large amount of equity to fund any new home developments, such as an extension, there are some mortgage lenders who may ask you to show any quotations you’ve received for the work costs.
Remortgage to Consolidate Debts
Consolidating unsecured debts into your mortgage is a potential way that you could merge all your outgoings into a manageable and more consistent monthly payment.
It is important to note though that doing this will extend your debt over the course of your mortgage term and will result in you paying more overall. There’s a lot you need to look into before going into debt consolidation.
With this in mind, we would highly suggest that you speak to a Mortgage Broker in Sheffield prior to securing any debt against your main asset, in this case being 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.
Remortgage to Remove a Name
If you are a co-owner of a property in Sheffield and are looking to take a name off the mortgage, you will need to look at getting a Remortgage to see this achieved.
Even if you choose to stay with your existing lender, you’ll find yourself encountering a similar process. This is because the lender needs to have confidence that the person still on the mortgage is creditworthy, and is still able to afford the mortgage.
For more information and support regarding common Remortgage scenarios, please take a look at our Remortgage guides section or get in touch with one of our mortgage advisors in Sheffield.
Why choose us for your Remortgage in Sheffield?
Our dedicated team of mortgage advisors will offer all customers a free Remortgage consultation in Sheffield.
We are available 7 days a week, from early on until late at night, with appointments at a time that best suits you and your lifestyle.
Are you perhaps looking to release equity from your Remortgage? Maybe you’re just looking to find a better deal? No matter the case, our mortgage advisors in Sheffield are ready and able to search through your mortgage options with you.
We are able to search through 1000s of unique mortgage products in order to find the most appropriate mortgage deal for your personal and financial circumstances.
Here at Sheffieldmoneyman, we take a lot of pride in our ability to provide open and honest Mortgage Advice in Sheffield. We adore what we do, ensuring customers achieve their Remortgage targets.
To learn more about our service and customer satisfaction, please take a look at our company reviews. You’ll be sure to see many happy customers who trusted us to get them through their mortgage journey.
If you would like to book a free Remortgage appointment, please don’t hesitate to get in touch with us. Our trusted Mortgage Advisors in Sheffield are ready and willing to help answer all your questions and get your Remortgage journey started!