Whether you are looking at consolidating your debts, raising money for home improvements, looking for a better monthly payment than you currently have, or want to restructure the terms of your current loan, we can help.
Remortgaging can help your financial health in many ways. In simple terms, remortgaging involves moving your current mortgage to a new arrangement, arranged either with your existing lender or with a new lender.
Many borrowers choose to review their mortgage every few years in order to take advantage of the new rates on offer. Those that remain on the same deal for the full term of their loan could lose out by paying more money than they need to. They could also miss out on the chance to finish their mortgage term earlier than originally planned.
It can be more convenient and cost effective to enhance your existing property, rather than move home. This can be financed by remortgaging or a further advance.
When you took out your current loan, there will have been features that made it competitive and attractive to you. It may be that your incentive period is coming to an end, or simply that the market has changed.
This could allow you to save money on your monthly repayments, or to repay your mortgage sooner. If your current lender doesn’t offer better rates or greater flexibility on its other products, you may want to consider switching your mortgage to another lender.
You may be better off doing so, even if this triggers early repayment charges payable to your existing lender, as this could still mean a net saving to you.
You may have a wedding or education fees to fund. If your property value has risen, you could release some of the equity to help towards this.
Remortgaging can allow you to release some of the value you hold in your home and consolidate other debts that can attract higher rates of interest than that of your mortgage (e.g. credit cards).
Think carefully before securing other debts against your home. While debt consolidation often reduces the amount of monthly repayments, making them more affordable, it will normally involve extending the term over which you repay the debt(s), which often results in you paying more for the debt in total.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Read less
REQUEST A CALL BACK
NEWSLETTER
CONTACT US
Haworths Financial Services Limited
Suite 7
The Globe Centre
St James Square
Accrington
Lancashire
BB5 0RE
T: 01254 945945
Email Us
Haworths Financial Services is an Appointed Representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited, which is authorised and regulated by the Financial Conduct Authority. FCA No: 494163.
Haworths Financial Services Ltd. Registered office: Suite 7, The Globe Centre, St James Square, Accrington, Lancashire, BB5 0RE. Registered in England and Wales, company number 5062508.
Tel: 01254 945945 Email: enquiries@haworthsfs.co.uk
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.
© Copyright 2022 - Adviser Pro - All Rights Reserved
Design and Developed by Adviser Pro © 2022