Remortgage Advice in Nottingham and Remortgage Options
If your current mortgage deal is coming to an end or you might need to borrow some extra money then remortgaging might be the right direction to go in.
Most customers often leave this a little bit too late and ultimately leaves them lapsing onto their lenders’ Standard Variable Rate. If this sounds familiar then chances are you might be paying more than you should on your monthly payments.
Why Should I Shop Around for a Remortgage?
If you currently rely on your lender to offer you new deals, this could mean that you’re missing out on lower rates that are offered elsewhere which is more of an advantage to the lender than the customer. Loyalty is not a priority to most lenders, as they prefer offering better deals towards new customers rather than existing ones.
An execution-only mortgage is put into place if a person decides to switch online without speaking to someone – this will opt them out of any consumer protection that they would have been eligible for had they received mortgage advice. Therefore it is essential to obtain the right Mortgage advice when choosing to remortgage.
Even though some customers have remained on really low rate tracker deals, lower rates could still be offered elsewhere. If there are concerns that interest rates might go up then a Fixed Rate Remortgage might be advisable.
Remortgage for Home Improvements
If it appears there are needs for home improvements then going through a remortgage may release funds in order to do this and there is also the added bonus of knowing that a good investment has been made by improving the home. Revamping a home can include cosmetic or structural work such as bringing a more refreshed feel to a Kitchen or Bathroom.
If the amount needed to be borrowed is significant then the lender may reserve the right to ask for estimates for the intended work. Although a Contractor isn’t necessarily needed for the works.
Home improvements doesn’t have to be carried out solely for value. It can be used to make a ‘forever home’ more homely therefore a remortgage in Nottingham is not restricted to financial situations.
Capital Raising remortgage
You can borrow extra funds for most legal purposes, examples of this would be:
- Debt Consolidation.
- Property Investment (e.g. into a Buy to Let in Nottingham).
- Consumer Purchases.
- Gift to relative.
Remember by increasing your mortgage you will end up paying back more interest, so you need to be sure you are doing this for the right reasons.
Debt Consolidation remortgage
When unsecured debt is added to a mortgage, more interest might have to be paid back due to a mortgage term tends to be longer than a personal loan.
The other thing that needs to be remembered is that the unsecured debt is being secured onto your home. This doesn’t sit easy for many as this increases risk of repossession if the mortgage can’t be paid in the future. There are aspects to be considered when securing debt to a mortgage such as interest rates. Sometimes if a person has 0% credit cards added to a mortgage then these will start attracting interest.
It is often a good idea to seek help from a family member before making any decision and overview finances so that non-essential expenditure is reduced as much as possible.
Once all options mentioned above have been considered and a decision may have been settled on for a Debt Consolidation Remortgage then it is recommended that Mortgage Advice in Nottingham is to be taken up with a Mortgage Advisor in Nottingham so that the Mortgage Advisor in Nottingham can advise on the best way to help with the Remortgage application.