Why Consider Taking Remortgage Advice in Leeds?
Has your current mortgage deal come to an end, and do you need to borrow some additional money? If so, then it could be the right time for you to consider remortgaging.
We have witnessed far too many customers who leave searching for a new deal too late and end up falling onto their Lender’s Standard Variable Rate (SVR). We always recommend that all customers keep on top of their mortgage and make sure you know when your term is ending.
A lender’s rate will be a lot higher than your current rate, which will result in your monthly payments increasing. There is nothing wrong with being ahead! Keep on top of your mortgage and speak to a remortgage advisor in Leeds.
Should I look elsewhere or stay with my lender?
Lenders don’t reward loyalty. We have seen some lenders offer better deals to new customers than existing customers who have been with them for several years! That’s why we recommend you look around before committing to the same lender. There could be better offers with lower rates out there.
We understand that some choose to do it by themselves online and switch over there and then. That’s what’s called an ‘execution-only mortgage’. It might be easy to do, but you don’t benefit from any consumer protection. Again this highlights the importance of getting mortgage advice in Leeds before making any rash decisions.
Remortgage for home improvements
Is your home due for some upgrades? Were you aware that you can remortgage for home improvements? It can be a good investment as some improvements, such as loft conversions, extensions, can potentially increase the property value.
People who are not looking to increase their property value and have found their “dream home” will also borrow for home improvements, there is nothing wrong with this, they just want to make give their home a bit of a makeover. You can increase your mortgage to pay for cosmetic alterations as well as structural work.
You have the decision to use whichever contractor you choose. But, if you need to borrow a significant amount of money, your lender will need to know the estimates for the works you intend to have carried out.
Capital raising Remortgage Advice in Leeds
It is possible to raise capital on your property when you remortgage for almost any reason. Some popular scenarios include wanting to raise money for:
- Large consumer purchases.
- Gifts to help family members.
- To purchase a Buy to Let property
- Debt consolidation.
Keep in mind that you will be paying interest on a remortgage for a while. Ensure that you are borrowing for the right reasons and keep up to date on your repayments during the entire mortgage term.
Debt consolidation Remortgage Advice in Leeds
Just adding unsecured debt to your mortgage might result in you needing to pay back more interest. A mortgage term can be much longer than a personal loan, but it isn’t always the case.
Make sure to consider that you are taking unsecured debt and securing your home, which will not sit easily. If you cannot afford your mortgage payments down the line, you have put everyone at risk of repossession.
You will need to consider that you are taking unsecured debt and securing your home. Which will not sit easily 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 that you are considering rolling onto your mortgage will start attracting interest too.
Remortgage options
It would help if you considered all of your options before deciding to consolidate debts. We think that the best way to make a decision is to seek remortgage advice in Leeds from a remortgage advisor.
A remortgage advisor can evaluate all of your options and then recommend the best route to go down. Your advisor might even suggest that you don’t need to go down the path of debt consolidation remortgage.
Consolidating debts into your mortgage leads to a reduction in your monthly outgoings. We have seen some customers end up reducing their payments by several hundreds of pounds.
If you feel that remortgaging is the right option for you, get in touch to speak to a remortgage advisor in Leeds today. We will help and assist you with all your mortgage-related needs.
Date Last Edited: December 6, 2023
