Remortgage Advice in Harrogate
If the Mortgage deal that you’re currently under is coming to an end or you feel that you need to borrow some extra money, then it could be the right time for you to remortgage. A lot of customers often leave it quite late when it comes to remortgaging and end up lapsing onto their Lenders Standard Variable Rate. If this happens then you will probably be paying more than you need to be doing on your mortgage payments each month.
Why Should I Shop Around for a Remortgage?
If you’re currently relying on your current lender to offer you new deals, you may be wasting valuable time and money as there will be other lenders with existing offers already available and most lenders do not often extend offers to existing customers.
If you switch online without speaking to an advisor, you will be carrying out an execution only mortgage where you will not benefit from the comsumer protection that you would have originally got by taking Mortgage Advice. Lenders also love this because if it turns out that you have chosen the wrong mortgage product then you will have no grounds to complain since you have chosen it yourself.
Some customers are currently on low rate trackers deal that they may have been on for years and from this have not really taken the time out to see what is available and if they are able to save themselves money. Sometimes interest rates do go up from time to time and if this concerns you and you’re on a Tracker Mortgage, the you can always take out a Fixed Rate Remortgage.
Remortgage for Home Improvements
If you are in the way of thinking that your home may benefit from some upgrades, such as home improvement, then it is possible to remortgage. And often, investing in your home is a great investment too as a lot of home improvements can put value into your home.
If the amount that in question to be borrowed is significant then the lender will reserve the right to ask you for estimates for the works that you intend to have carried out. You don’t necessarily have to use the specified contractor that provided the estimate to carry out the actual works.
Some people even borrow money for home improvements despite knowing that their home won’t go up in value. If you are choosing to stay in your home then there is nothing wrong with choosing to make it more homely.
Capital Raising Remortgage
Remember you will pay interest on a Remortgage for a lot of years normally so it’s really important you borrow for the right reasons.
You’re able to borrow extra funds for most legal purposes, for example: raising capital on your property when you remortgage for almost any legal reason, gifts to help family members, to purchase a Buy to Let property or for debt consolidation. Normally, you will pay interest on a remortgage for a lot of years so it’s really important that you only borrow when you need to.
Debt Consolidation Remortgage
When you add unsecured debt to your mortgage you may end up paying back more interest overall due to a mortgage term tending to be much higher than what a personal loan would consist of.
The other thing you need to think about it that you are taking unsecured debt and securing on your home. And so therefore you are under the risk of repossession if you cannot afford your mortgage in the future, so it is best to make sure you’re in a secure place when doing so and well equipped with savings just in case.
You will need to know the interest rates that apply to the debts that you are considering rolling into your mortgage. If you have 0% credit cards then adding these to your mortgage will start attracting interest.
You should consider all options before deciding to consolidate debts and reducing as much non-essential expenditure as possible to give you the best possible chance at getting in image on your financial situations.
Once you have considered all of the above and decided a Debt Consolidation Remortgage could be right for you then it’s vital you speak with a Mortgage Advisor. The Mortgage Advisor will take responsibility for the recommended remortgage and help you with your application and how you wish to proceed.