Remortgage Advisor & Remortgage Advice in Sheffield
Trusted Mortgage Advisor in Sheffield – Sheffieldmoneyman
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 find that customers leave it till the last minute and can end up lapsing onto their Lender’s Standard Variable Rate. If this happens, then the chances are that you are paying more than you need to be doing on your mortgage payments each month.
Why Should I Shop Around for a Remortgage?
Don’t always depend on your lender to offer you a new deal as you could potentially be missing out on lower rates elsewhere. Lenders do not reward your loyalty, so they love it when you don’t shop around. They often offer better deals to new customers rather than their existing borrowers.
If you would prefer to go down the remortgage route online rather than speaking to someone for advice, you are going to get an Execution Only Mortgage. You can switch there and then with no hassle. However, this means that you will not benefit from any consumer protection, you would only get protection by taking advice from a professional mortgage broker, like us. If it turns out that you picked the wrong mortgage product online then you have no grounds to complain since you picked it yourself.
This is why we advise that you speak to an Expert Mortgage Broker in Sheffield, like us, who have years of valuable experience within the mortgage field. Our amazing team of Mortgage Advisors in Sheffield will do their best to match your mortgage needs!
Some customers are still on really low rate tracker deals that they have had for years and years. Even so, it’s still worth having a look to see what is out there, especially if you are concerned that interest rates might go up. If you feel like that you can always take out a Fixed Rate Remortgage.
Remortgage Advice in Sheffield for Home Improvements
It is possible to remortgage for Home Improvements if you think you home would benefit from some upgrading. Improvements to your home such as extensions or loft conversions can add value to your home as well as making it stand out against others if you decide to sell your home. Kitchens and bathrooms can start to look tired after a few years and you can increase your mortgage to pay for cosmetic alterations as well as structural work.
If the amount you need to borrow is significant then the 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.
There isn’t anything wrong with borrowing for Home Improvements even if you are not looking to sell it anytime soon. People who have found their perfect home and can afford to pay it back will often borrow for Home Improvements for their kitchen, living room, etc.
Capital Raising Remortgage Advice in Sheffield
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 have to remember that you will keep on paying interest on a remortgage for a lot of years so it’s important to be borrowing for the right reasons.
Debt Consolidation Remortgage Advice in Sheffield
When you add unsecured debt to your mortgage, you may end up paying back more interest overall. This is because a mortgage term is often much longer than that of a personal loan (although it doesn’t have to be).
You will need to consider that you are taking unsecured debt and securing on your home. This doesn’t sit easily with everyone as you are under the risk of repossession if you cannot afford your mortgage in the future.
You will need to know the interest rates that apply to the debts that you are considering rolling into your mortgage. If you have 0% credit cards, then adding these to your mortgage will start attracting interest.
You should evaluate all of your options before deciding to consolidate debts, such as asking family members for assistance if possible and reducing as much non-essential expenditure as possible. Once you have considered all the above and decided whether a Debt Consolidation Remortgage could be right for you then you should talk to a Mortgage Broker in Sheffield, like us. Where one of our Experienced Mortgage Advisors will do all they can to help you with your personal mortgage situation.
A Mortgage Advisor in Sheffield will also take responsibility for the recommended remortgage and help you with your application.
Often, consolidating debts into your mortgage leads to a reduction in your monthly outgoing. Some customers end up reducing their payments by hundreds of pounds.