A mortgage is most likely to be the one biggest expense on your household income and you want to make sure you have the best possible deal. This is why almost one third of mortgage deals in the UK are re-mortgaging deals.
Re-Mortgage your London Home
For most people reassessing their finances is done quite regularly and this should be no different with your mortgage. There is no one reason why homeowners re-mortgage, it could be that a current mortgage deal is coming to an end and a standard variable rate is about to kick in, it may be that the homeowner wants to release some of the equity within the property for home improvements or debt consolidation. Whatever the reason Rosebank mortgage brokers are experienced and knowledgeable and can help you find the re-mortgage deal that works for you.
New Mortgage Deal
Signing up to a 2-year, 5-year or more years deal when taking out a new mortgage is very common in todays mortgage market. Because of this, it makes sense that at the end of your deal you want to take a look at what is on offer with your current or other lenders to look for the best options to finance your home. Very often at the end of these deals the mortgage reverts to a heftier standard variable rate where if you don’t re-mortgage you could find yourself paying significantly more. Your circumstances may have also changed since your last mortgage deal and so you may want to try to reduce your monthly payment or even perhaps increase it to pay your mortgage off faster if you are earning more or have more disposable income.
Re-mortgaging for Home Improvement
If you have always wanted a beautiful new kitchen or an extension over the garage, then using your home for finance may be the most cost-effective way or doing home improvements. Mortgages are often the cheapest source of lending on the market so re-mortgage your home to release funds is often makes financial sense.
Re-mortgaging for debt consolidation
Often trying to juggle many loans and credit cards on different rates and deals can make life stressful. Many UK homeowners choose to look at re-mortgaging their home to release some of the equity within it to consolidate all their other debt within the mortgage deal. In this way there is only one monthly payment making it easier to manage and often mortgage rates are cheaper than any standard consolidation loan making this a cost-effective way to consolidate debt.
Other reasons for re-mortgaging
The reasons listed above are not the only reasons for homeowners to re-mortgage their property. The list is probably endless but here are some other common re-mortgaging reasons. If you are thinking of purchasing a buy-to-let property then releasing the equity in your home to finance the purchase is one way of doing it, perhaps you want to go on the holiday of a lifetime or are celebrating a big anniversary and you want the capital to do it properly then a re-mortgage deal may be a great idea for you.
Getting independent financial advice from a mortgage broker is always a great idea when you are thinking of re-mortgaging your home and the expert team at Rosebank Mortgage brokers can talk you through all your options and find the perfect deal for your circumstances.