Why Re-Mortgage when I can get a good deal through my Lender anyway?
Yes you can, however using a broker to assess the current market rates could mean you end up saving hundreds and in some case thousands of pounds per year by finding a lender with an even better rate.
Re-Mortgaging is also a process which includes re-assessing your whole financial situation. A meeting with your Mortgage Adviser could identify more needs and potential. You may want an extension or a home improvement. This may be possible due to a salary increase or the equity on your house has improved substantially.
What are my options?
There are many options when you Re-Mortgage, for example the more obvious would be a rate change or a term change. Below is a breakdown of some key changes you may want to make when Re-Mortgaging.
You may want to raise funds to clear some debts.
When you Re-Mortgage there is the option to add debts to the loan amount. This must be done with caution as this does not add any value to your home but you are Increasing the loan. You have to be careful In case you end up in negative equity.
Raising money to fund a Buy-To-Let property, a new car, your wedding. There are many things you can raise funds for just by adding these costs to your Mortgage loan. This doesn’t mean that this is the option for everyone though, again as with Debt Consolidation, you must do this with caution as it cause you to lose equity and does not add any value to your home.
One of the most popular reasons for Re-Mortgaging is a Home Improvement, i.e. Extension, Summerhouse, New Kitchen and more. This is often a good reason to Re-Mortgage as it can add value to the home. Make sure to speak to a qualified Mortgage Adviser to make sure you make the right choice.
When people first apply for mortgage your individual scenario determines what Mortgage and rate you get. You may have applied with bad credit and now you have good credit, meaning your optons are now wide open.
Why use a broker to Re-Mortgage?
A broker can literally source thousands of Mortgage deals when they do their research. They search the market for the best options while taking your whole financial and personal needs in to account, saving you the hassle of making several applications to lenders, potentially negatively impacting your credit score and wasting your own time.
If you have any questions about Re-Mortgaging, Give us a call on 01792 416260 or contact us using any of the contact facilities on our website & social media. You can also contact your individual Carter Lee Financial Services Adviser directly.
Your home may be repossessed if you do not keep up repayments on your mortgage