Thursday 25th of April 2019
There are many ways to save money. For many people, remortgaging a home can make all the difference when it comes to finding capital at short notice. But how does remortgaging a house work, and what does it entail? Is it right for everyone?
Remortgaging is where you switch or change your existing mortgage deal so that you can reduce the amount that you pay each month. Mortgages can be a major expense for many families. When bills and other expenses are stacking up alongside, it only makes sense that so many people are considering releasing some of the financial pressure.
Remortgaging, however, isn't a process that should be entered into lightly. There are several different factors to consider, and ultimately, it may not be a process that fits your particular situation. For example, it may not be the best option to take if you are struggling with credit! However, it is always worth consulting a mortgage advisor and to start exploring your options.
Are you already paying a considerable amount each month towards your mortgage? Could you save money by remortgaging and finding a better deal elsewhere? Let's take a look at some of the benefits.
Your reason for remortgaging may be very different to the next person's. While you are ultimately on the lookout for a better deal, your circumstances and projections may look completely different. Here are just a few scenarios where you may be considering a remortgage to help boost your finances.
Remortgaging your home may sound scary, however, it is often a very common practice for homeowners who are considering freeing up funds each month. Switching mortgages isn't so simple when you're doing so on your own. Therefore, you may wish to enlist the services of a mortgage advisor who will be able to help you with where to start. They'll know the market.
One of the major benefits of looking into a remortgage with an advisor lies in the fact that you will have added protection in case a deal you enter into doesn’t work out. A qualified, independent expert will be confident in the remortgaging deals they find for you – but if they don’t work as expected, you will have Financial Ombudsman support.
A mortgage advisor will be able to look carefully at your finances and will be able to let you know whether or not it is worth you tying up your mortgage with another lender. Things to bear in mind when it comes remortgaging will include any time have left to pay, your current rates, your financial situation, your credit report, payments you have already made, and if there are any exit fees or deposits involved.
There are always going to be a few things to bear in mind when it comes to remortgaging. Sadly, it is never as cut and dried as switching from one provider to another. Therefore, you should always look for support from an independent mortgage advisor in your local area.
While the need to remortgage may not necessarily fit your exact circumstances, there are still plenty of reasons to give the process some consideration.
These are just a few reasons to consider if remortgaging is a possibility for you. Always make sure you start thinking about the process four or five months ahead of doing so to fully prepare.
Looking for nearby advice on having a remortgage? In need of mortgage advice near me? We are experienced, local advisors ready and waiting to support you with all your remortgaging queries.
Don’t worry about your existing circumstances or financial profile. We’ll take a close look and will make recommendations we’re confident you can save money through. To get started, fill in our contact form today. We support homes and families throughout our surrounding areas and beyond.