Popular Reasons to Remortgage in Cambridge
Remortgage to Find a Better Deal
As mentioned, when your initial fixed mortgage period is coming to an end, you might look to remortgage so you aren’t automatically placed on the lenders’ standard variable rate of interest (SVR).
In many cases, the interest rate usually increases from your initial fixed period so will mean your monthly mortgage payments will increase. This is the main reason why people look for Remortgage Advice in Cambridge.
It’s important that give yourself some time to explore your options prior to your fixed-rate ending. This should be done typically 3-6 months before your fixed-rate ending to give you the time to get your new mortgage deal processed.
Remortgage to Fund Home Improvements
Through our experience, we have helped many customers release equity from their homes as a way to fund home improvements. This could go towards modifications to your home such as an extension, a new kitchen or a conversion to add more loft space.
In the case where you are looking into releasing equity to fund any new home improvements like an extension, you may find a number of lenders will want you to provide quotations for the work.
Remortgage to Consolidate Debts
This option can be a potential way that you could merge all your outgoings into a manageable and more consistent monthly payment.
One thing you need to be aware of is that this option will mean your debt will be extended over the time of your mortgage term and will mean you are paying more overall. There is a lot you need to think about prior to going into debt consolidation.
Furthermore, we highly recommend that you speak to a Mortage Broker in Cambridge before securing any debt against your main asset, which is your home in this situation.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
Remortgage to Remove a Name
In the case where you are a co-owner of a property in Cambridge and are looking to remove name off the mortgage, you will need to look at getting a Remortgage in order do this.
Regardless of if you decide to stay with your current lender or not, you will still undergo a similar process. The lender will need to know the remaining individual on the mortgage is creditworthy and can still afford the mortgage on their own.
If you are looking for more information about common Remortgage scenarios, check out our Remortgage guides section or contact us with one of our Mortgage Advisors in Cambridge.
Why choose Cambridgemoneyman for my Remortgage?
All our customers are offered a free Remortgage consultation in Cambridge. We are here 7 days a week, working early in the morning to late at night in order to provide availability that is best for your schedule.
One of our expert Mortgage Advisors in Cambridge will look at your options in order to find you the most appropriate deal if you are looking to remortgage to release equity via a Remortgage or find yourself a better deal.
Our team can search through 1000’s of Remortgage deals to find the one that is appropriate for your situation.
We strive in achieving customers’ Remortgage goals by providing fast & friendly Mortgage Advice in Cambridge. Check out our customer reviews to see first-hand how we helped them on their remortgage journey.