If your current mortgage deal is approaching its end then it may be time to look at remortgaging.
People who don’t realise that their mortgage deal is coming to an end often end up slipping straight onto their lender’s standard variable rate which will probably be significantly higher than your current rate. This is why you need to 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 Sheffield, like us, we will assess your financial and personal situation and 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 stick with them, they hate their borrowers shopping about, however, you really should! Shopping around rather than staying with your current lender could open you up to deals that are way better than your current one. Lenders don’t reward you for loyalty, they will be offering better rates to new customers over you, so have a look around as there are mountains of remortgage deals out there.
You will find that some people don’t want the hassle of searching through lots of different remortgage deals so they just do it themselves online and switch over there and then. This is called an execution-only mortgage, the downside is that you get no consumer protection, whereas you would’ve had you had taken Remortgage Advice in Sheffield. We have also seen that people who do everything online can easily go wrong and end 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 could do with some upgrades, remortgaging for home improvements could be the best option for you. You may want to add value to your home or simply just 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 need to borrow quite a bit 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 the right reasons and that you will be able to maintain these monthly payments throughout the whole mortgage term.
Adding unsecured debt to your mortgage could mean that you’ll have to pay back more interest overall. This is because the length of a mortgage term is usually a lot longer than a personal loan (this is not always the case though).
Taking unsecured debt on your home will not sit easily with everybody. 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 considering transferring onto your mortgage will start gaining interest too.
Sometimes, remortgaging can become complicated very quickly. There are lots of options available to you and it’s hard to see which one will benefit you the most. This is why evaluating your options with a Mortgage Advisor in Sheffield could benefit you most. Here at Sheffieldmoneyman, an advisor will sit down with you and recommend you the best remortgage route to go down. 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 decreases your monthly outgoings. Some borrowers end up saving hundreds of pounds because of this.
Find out if remortgaging is the best option for you and speak to a Remortgage Advisor in Sheffield today, we can’t wait to hear from you!
Date Last Edited: September 15, 2023