Are you approaching the end of your deal? Do you need to borrow some extra money for capital or home improvements? If so, then now could be the best time to remortgage.
As a Mortgage Broker in Cambridge, it’s not unusual for us to see customers forgetting to renew their mortgage deal. When this happens, people end up slipping onto their lenders’ variable rate which is usually higher than their current rate. This is why we always advise that you keep on top of your mortgage and make sure that you know when your deal is coming towards its end, especially if you have a short-term deal.
If you know that you’re coming towards the end of your mortgage term, it’s time to take the next step. Remortgaging can be a complicated process, so don’t hesitate to contact your Remortgage Advisor in Cambridge.
Over our 20 years of working within the mortgage industry, we have learnt that the best way to find a better remortgage deal is to shop around first. Before committing to the same lender, take a look at the other deals out there as there are hundreds if not thousands. Although not every deal may match your criteria, some certainly will and that’s why it’s important to shop around first before rushing into accepting the first deal that is offered to you.
We say this with your best interests at heart; more often than not, your lender will not reward you for your loyalty and are probably offering better deals to First Time Buyers.
If you are wanting to find a competitive rate and are interested in switching products, it could be your best option to approach a Mortgage Broker in Cambridge. They will work by your side and help secure you a deal that matches your personal and financial situation. For example, here at Cambridgemoneyman, we will always aim for a deal that is better than your current one.
Speaking to a Mortgage Advisor in Cambridge should be your first option when you don’t know where to look for competitive deals. Another benefit to using a Mortgage Broker in Cambridge is that they can have their own panel of lenders, some of which you can’t access by yourself.
Looking to upgrade your home? Thinking of finally treating yourself to a fancy new kitchen or a spacious home office? Well, did you know that this can all be done through remortgaging?
Whether you want to invest in your property or add more living space to make more memories in your dream home, remortgaging for home improvements could be the right option for you; there is nothing wrong with giving your home a makeover. You can increase your mortgage to pay for cosmetic alterations as well as structural work.
As a Mortgage Broker in Cambridge, we usually see that homeowners want to remortgage for home improvements because they have plans to start/already have started a family. However, if this isn’t your situation, we can still offer a helping hand and try and secure a great remortgage deal to switch onto. Whatever your situation is, we are still more than happy to help.
If you need to borrow a significant amount of money, your lender will reserve the right to ask you for estimates for the works you intend to have carried out. You don’t necessarily have to use the contractor that provided the estimate to do the actual works.
You can also raise capital on your property when you remortgage for almost any legal reason. For example, this could be for large consumer purchases, gifts to help family members, to purchase a Buy to Let property or for debt consolidation.
It is important that you know that you will still be paying interest on a remortgage for a long time after you take one out so you need to make sure that you are borrowing for the right reasons and that you will be able to meet monthly payments during the whole mortgage term.
Adding unsecured debt to your mortgage may result in you paying back more interest overall. This is down to a mortgage term usually being much longer than the length or a personal loan. However, this isn’t the case all of the time.
You must consider that you are taking unsecured debt and securing on your home. This won’t sit easily with everyone as you are under the risk of repossession if you cannot afford your mortgage payments down the line.
If you have 0% credit cards, you will need to know that the interest rates that apply to the debts that you are considering rolling onto your mortgage will start attracting interest too.
Often, consolidating debts into your mortgage leads to a reduction in your monthly outgoings. Some customers end up reducing their payments by hundreds of pounds.
To summarise, we highly recommend that you take all of your options into consideration before deciding on anything. Whether you are thinking of switching deals for a better deal, home improvements, capital raising or debt consolidation, you should know that your expert Mortgage Broker in Cambridge is here to help. We have over 20 years of remortgage experience and often know exactly how to help; there is rarely a situation that we haven’t come across before.
To speak to a professional Remortgage Advisor in Cambridge and find out which option could be the best for you, feel free to get in touch. We can’t wait to help you get the ball rolling with your remortgage journey.