Remortgaging is becoming increasingly popular, so you won’t be surprised to learn that it has a number of advantages. Though it’s certainly not for everyone, in some circumstances it can be a great way of saving money.
The main reason why people remortgage their property is to reduce their monthly repayments. If you took out a mortgage with an attractive introductory rate which has now expired – and you’re back on your lender’s standard rate – you can remortgage, switching to a deal with lower interest rates. This can save you a considerable amount each month.
That’s not all you can gain from remortgaging, however. Some people choose to remortgage in order to switch to a more flexible deal, or one with a shorter term. If your financial situation changes and you feel happier paying more each month (in order to pay your mortgage off sooner), remortgaging could be a great way forward. Likewise, you could switch to a plan with flexible payment terms, allowing you to overpay from time to time to get your mortgage paid off more quickly.
Free up cash
Some choose to remortgage in order to release cash tied up in their home too. Perhaps you have a number of outstanding debts which you’d like to pay off, or would like to make home improvements which would increase the value of your property? Remortgaging can allow you to free up the cash needed to make these things happen, potentially improving your financial outlook in the long run.
Is it right for you?
As with anything mortgage-related, though, remortgaging isn’t always right for everyone. It’s for this reason that many individuals seek out a professional mortgage advisor to help them decide which route to take.
Here at Derngate Wealth Management Northampton, we have years of experience with remortgaging and have helped a growing number of individuals remortgage their home in a way which is financially beneficial.
We’ll give you friendly, down to earth advice throughout the process and help you decide whether remortgaging is right for you. And when you’ve made your decision, we can track down a new mortgage deal which meets your requirements. Contact us today to schedule a free initial consultation and begin the process.