Popular Reasons to Remortgage in Manchester
Remortgage to Find a Better Deal
If you are coming towards the end of your fixed term for your mortgage in Manchester, it’s best that you start debating which routes you are going to take.
As a Mortgage Broker in Manchester, we usually find people look into obtaining a Remortgage because they are not wanting to be switched automatically onto your lenders Standard Variable Rate (SVR). This option is usually less favourable to a lot of customers.
An interest rate for an SVR is normally greater than your initial fixed period, this results in your monthly mortgage repayments increasing.
Due to this, it’s common for homeowners to seek advice for your Remortgage in Manchester.
Remortgage to Fund Home Improvements
Our team have provided expert support to a range of customers with different situations, however, all wanting to release equity to fund any home improvements.
Some of these home developments are usually large projects like a home extension, a new kitchen model or a converted loft.
In the case where you are looking to release equity to fund large projects like an extension for your home, you may find the majority of mortgage lenders will request any evidence like quotations you’ve been given to provide the price of the work taking place.
Remortgage to Consolidate Debts
Remortgaging with this option in mind allows homeowners to consolidate any unsecure debt in the form of a monthly payment that will stay consistent throughout your term.
The consequence of this, however, is that your debt will be extended over your time of the mortgage term which means you will have to pay more overall by the end of it. This option is one that you need to think about carefully.
Approaching a Mortgage Broker in Manchester is something we advise you do prior to securing any debt against 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
You can look to Remortgage in Manchester if you co-own a home and are wanting to remove a name from the mortgage.
Regardless of if you decide to stay with your current lender or not, you’ll still be going through a similar process. Like with the majority of mortgages, the lenders need to be sure that the person who is on the mortgage can afford it and, in this case, they will want to be sure that the person who is on the mortgage can afford the payments and have good credit.
Check out our Remortgage guides for more information on any of the scenarios or you are wanting a general understanding of Remortgages.
Why choose us for your Remortgage in Manchester?
Our team of dedicated and hard working mortgage advisors will offer all of our brilliant customers a free Remortgage consultation in Manchester & surrounding areas.
We have members of our team available 7 days a week, from early on until late at night, with bookable appointments that work around your personal and professional life.
If you are perhaps looking at your options to release equity from your Remortgage? On the other hand you maybe are just looking to find a better deal? Regardless of your circumstances, our mortgage advisors in Manchester are ready, willing and able to analyse your mortgage options with you.
We are able to take a look through 1000s of specialist and unique mortgage products in order to find the most suitable mortgage deal for your individual situation.
Here at Manchestermoneyman, we are super proud of our ability to provide fast and friendly Mortgage Advice in Manchester. We absolutely love what we do, ensuring customers can reach their mortgage goals.
To learn more about the service we provide and the levels of customer satisfaction we strive for, please take a look at our company reviews. You’ll be sure to see many happy customers who trusted us to help reach their property goals.
If you would like to book a free Remortgage appointment, please feel free to get in touch with us today. Our trusted Mortgage Advisors are on hand to help answer all your questions and get your Remortgage process underway.