Remortgage your home now, remortgaging is also a great time to not only reduce your mortgage payments but to also consider accelerating the rate in which your mortgage is repaid.
Remortgage – You may feel that you would like to reduce your mortgage term and commit to a slightly higher monthly payment. Alternatively, if you saved money by switching to a lower rate, the money you are saving could be used to make regular overpayments. These overpayments would come directly from the capital outstanding, resulting in you also repaying your mortgage quicker.
At the time of your review you may be in a position that you would like to raise some money for either home improvements or debt consolidation, providing that there is sufficient equity in your home to do so. For home improvements this can be done by capital raising a certain amount on top of your mortgage balance. You will then need to ensure that you can afford the new monthly mortgage payments and ensure that the home improvements add value to your home in the long term. Debt consolidation can be done in the same way, but the additional funds raised would be used to repay your outstanding credit commitments (such as credit cards or loans). This should only be done if by repaying your debts you are in a better financial situation.
The fees that come with the remortgage process are very minimal. The few fees to bear in mind are; your existing lender may charge you a redemption charge (administration charge to close your mortgage), the new lender may charge you a small fee to book the rate and in some circumstances the mortgage may have an arrangement fee (which would usually be added to the loan). Many of lenders in the remortgage market will pay for the mortgage valuation of your property and also offer for you to use their free legal’s service for the conveyancing work.
Open Vision Finance specialise in the mortgage process, so we will be there support you throughout the time you have a mortgage and ensure that your finances are still adequate for your circumstances. We can make the process of changing your mortgage hassle free. Get in contact with an adviser at Open Vision Finance to arrange an appointment.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE