Remortgage to Find a Better Deal
Many people choose to remortgage in Manchester, in order to find a better deal on their mortgage payments.
This could mean switching to a new mortgage lender with lower interest rates, reducing their monthly payments, or accessing better terms and conditions.
By shopping around for a better deal, homeowners can save money on their mortgage and improve their financial situation.
Remortgage to Fund Home Improvements
Another popular reason for remortgaging in Manchester is to fund home improvements or renovations. This is something we see a lot as a mortgage broker in Manchester.
This can be a cost-effective way to pay for repairs, upgrades, or extensions to the home, as homeowners can take advantage of the equity in their property to secure a larger loan.
By using a remortgage in Manchester to fund home improvements, homeowners can increase the value of their property and create a more comfortable living space for themselves and their family.
Remortgage to Consolidate Debts
For some homeowners, remortgaging in Manchester can be a way to consolidate their debts and simplify their financial situation.
By using the equity in their home to pay off high-interest debts such as credit cards, personal loans, or car finance, homeowners can reduce their monthly repayments and save money on interest.
This can be especially beneficial for those who are struggling with multiple debt payments and want to simplify their finances.
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
In some cases, homeowners may need to remove a name from their mortgage in Manchester, such as a former partner or spouse.
This can be done by remortgaging the property and taking out a new loan in the name of the remaining owner.
This can be a way to untangle financial ties and move on from a previous relationship, while also ensuring that the remaining homeowner can continue to make mortgage payments and stay in their home.
Remortgage to Release Equity
Finally, some homeowners may choose to remortgage in Manchester, in order to release equity from their property.
This can be a way to access a lump sum of cash, which can be used for a variety of purposes such as paying for a child’s education, funding a business venture, or going on a dream holiday.
By remortgaging in Manchester, homeowners can unlock the equity in their property and turn it into a valuable asset that can help them achieve their financial goals.
Alternatives to Remortgages in Manchester
If you’re happy with your current mortgage lender, a product transfer in Manchester could be a good option.
This involves switching to a different mortgage product with your existing mortgage lender, such as a new fixed-rate deal or a tracker mortgage.
Product transfers are typically quicker and easier than remortgaging, as they don’t involve a full mortgage application and underwriting process.
That being said, they may not always offer the best rates, so it’s important to shop around and compare options.
If you need to borrow more money but don’t want to remortgage in Manchester, you could consider a further advance from your current mortgage lender.
This involves taking out an additional loan on top of your existing mortgage, which is secured against the property.
Further advances can be used for a variety of purposes, such as home improvements or debt consolidation, but they may come with higher interest rates than a remortgage in Manchester.
For smaller amounts, an unsecured loan may be a more suitable option than actually taking out a remortgage in Manchester.
These loans are not secured against the value of your home, so there is no risk of losing your property if you can’t keep up with repayments.
That being said, unsecured loans generally come with higher interest rates than secured loans, and may not be suitable for large or long-term borrowing.
Credit Cards and Overdrafts
If you need to borrow a much smaller amount of money for a shorter period of time, you may be able to use a credit card or overdraft instead.
These options can be convenient and easy to access, but they come with high interest rates and fees, and may not be suitable for long-term borrowing or larger amounts, which is where a remortgage in Manchester might be more suitable for you.
Remortgage Options (Age 50+)
We tend to find that when our customers who are over the age of 50+ get in touch, they are usually looking for help with one of the following situations:
- Interest-only mortgage ending soon.
- Divorce and separation mortgage advice.
- Remortgage for home improvements/pay off debts.
- Release money to gift to family members.
Being one of the small number of companies in the UK that has access all later life mortgage products, we can usually help.
We provide expert mortgage advice in Manchester on regular mortgages, with some of our mortgage lenders going up to age 85 along with specialist products designed for older borrowers, such as term-interest only mortgages (TIOs) and retirement interest-only mortgages (RIOs).
Also, we provide open & honest later life mortgage advice on equity release in Manchester too, including both lifetime mortgages in Manchester and home reversion plans.
If you are aged 50+, it’s important that you speak with an expert later life mortgage broker in Manchester, like us, so you understand the full range of products that are available to you.
Also, it’s great to see that mortgage lenders are being innovative in this space and new/combination products are being launched to meet both consumer and regulatory demand.
To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.
A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.
A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.