Let us Find you the Perfect Remortgage!
When you are nearing the end of your current mortgage term, it’s probably time that you start looking at your options for a Remortgage. This is where your mortgage advisor in Manchester looks at your existing mortgage deal and sets about with an aim to help you switch to one with more favourable interest rates.
If you’ve gotten in touch with a mortgage broker in Manchester like us, you’ll usually be sent a reminder around 6 months before your term is due to finish, in order to get the ball rolling ahead of the mortgages end.
Remortgage rates mostly tend to follow the base rate of the Bank of England. When the Bank of England base rates are low, those who are currently on higher rates may be able to transfer to a lower rate, saving them money on their monthly repayments. When they are higher, you may find that this changes.
When the time comes to Remortgage, you can usually avoid the “property chain” that would’ve been apparent when you were going through the process the first time. This is because you already own your house this time around. We will do our best to ensure that the process goes as quickly and as smoothly as possible, hopefully quicker than your first process.
Should I Remortgage with a new Mortgage lender?
We tell every customer to look around at their different options first before committing to the same lender. There could be hundreds of better deals available to you, with lower rates out there, so don’t just stick with the same lender that you’re used to, simply because it’s the more relaxed approach. Always remember that unfortunately, lenders don’t reward loyalty. There have been instances that we’ve seen that they give offer better deals to new customers than to customers who have been with them for a very long time.
Remortgage Advice in Manchester for home improvements
Some home improvements such as extensions, or loft conversions can be massive investments that can add a lot more value to your home. People who are not looking to increase their property value and have found their “dream home” will also borrow money to fund their home improvements. There is nothing wrong with this, as it gives their home what in some cases is seen as a much needed makeover. Raising this money for your home improvements work for both cosmetic changes as well as any structural renovations.
Capital raising Remortgage Advice in Manchester
You can raise capital on your property when you remortgage, for almost any legal reason. Something like this could be for large consumer purchases, gifts to help family members, to purchase a Buy-to-Let property or for debt consolidation.
Debt consolidation Remortgage Advice in Manchester
Adding unsecured debt to your mortgage may result in you paying back more interest overall, something that requires a lot of initial consideration & planning. This is usually because a mortgage term is usually much longer than the length of a personal loan, though this isn’t always a guarantee and there may be another reason for this.
You will need to consider that you are taking unsecured debt and securing on your home. This will not sit comfortably with everyone as you are under the risk of repossession if you cannot afford your mortgage payments down the line.
You will need to know that if you have 0% credit cards, the interest rates that apply to the debts you wish to pay off using your Remortgage will start attracting interest too.
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