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The Different Types of Remortgage Options in Sheffield

If your current mortgage product is ending or you want to borrow a bit extra money, then it could be the right time for you to remortgage in Sheffield.

Once your current mortgage deal expires, if you do not remortgage, you will slip onto your lender’s standard variable interest rate (SVR). This interest rate is likely to be much higher than your current rate, meaning that your payments could go up. To avoid falling onto your lender’s SVR, you should remortgage nice and early to make sure that you are on the best rate available to you and your personal and financial situation.

There are other reasons why you may want to remortgage in Sheffield, not just to find a better deal. Some property owners will want to remortgage to achieve different financial goals or to access the equity they’ve built up in their property. In this article, let’s look at all of the different types of remortgage, starting with finding a better deal.

Remortgaging in Sheffield to Find a Better Deal

As mentioned in the paragraphs above, it is a much wiser decision to remortgage rather than to slip onto your lender’s SVR. In doing so, you could also manage to find yourself a much better mortgage product with a better rate than your previous deal.

As a mortgage broker in Sheffield, we always recommend starting your remortgage process at least 6 months prior to your deal ending so that you have the time to shop around. Shopping around and finding the most appropriate product for your situation can often help you save money. If you don’t want to spend hours searching through mortgage deals, using a mortgage broker in Sheffield like us would benefit you massively. We have 1000s of remortgage products on panel and will help you find the most suitable deal for your personal and financial situation.

Sometimes we see that some customers try and remortgage online via an online switch; we would not recommend this approach. If you take out the wrong remortgage product online, you have waved goodbye to your consumer protection, which you would have got haven you got mortgage advice in Sheffield. Taking out the wrong product can also cost you a lot of money as you will have to face charges to switch to a different deal.


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Remortgaging in Sheffield for Home Improvements

Do you feel as if your home could benefit from some investment and improvements? Well, did you know that you are able to remortgage for home improvements?

Rather than moving home in Sheffield, homeowners are using their remortgage as a gateway to improve their homes. By simply incorporating the costs of the home improvements into your mortgage, you could end up with some new additions to your home.

Home improvements include many things, such as a new kitchen, garden extension, loft conversion, home office, and the list goes on. Investing in your home could outweigh the costs of moving home and save you money now and in the future. Not only do you reap the benefits from these improvements, but you are also adding value to your home.

How it works is that you get the estimated costs for the work being carried out for your say home office, and then these costs are incorporated into your mortgage. The amount extra that you pay on your mortgage each month depends on the costs of the work being carried out.

Remortgage in Sheffield to Release Equity/Raise Capital

Remortgaging to raise capital is the same as remortgaging to release equity, they are the exact same thing. Raising capital can be done at the point of remortgage if you want to take money out of your home.

Some lenders will not let you release equity from your property if you have not been living in it for a certain amount of years. It is worth getting equity release advice in Sheffield before taking any money out of your home to make sure that it is the right decision for you.

This money can be used for a variety of things, such as putting down a deposit on a new property, making a large purchase, gifts to family members or paying off debt, Remember that it is your money so you can do what you want with it.

Remember you will pay interest on a remortgage for a lot of years normally so it’s really important you borrow for the right reasons. 

Remortgage in Sheffield to Consolidate Debt

If you have accumulated debt and are wanting to incorporate it into your mortgage, this may be possible through the power of remortgage in Sheffield.

You must know, however, when adding unsecured debt into your mortgage, you may end up paying back more interest overall. This is because a mortgage term is usually much longer than that of a personal loan.

You will also be putting unsecured debt into your home which can sit off with mortgage lenders. Remember that you are at risk of repossession if you cannot afford your mortgage in the future which is a lender’s last resort.

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. 

Debt consolidation is not for everything in any way shape or form. You need to be aware of the effects that debt consolidation can have on you, your financial situation and your credit so that you 100% know what you are doing.

Our remortgage advisors in Sheffield will make sure that this is the right route for you to take by talking through your other options with you. For example, a debt management plan (DMP) may be more suitable for your situation. We would love to offer our help and guidance to make sure that you are doing what is best for you.

Date Last Edited: September 15, 2023

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