Are you thinking of Remortgaging?

28 Sep Are you thinking of Remortgaging?

Remortgaging should make up an essential part of your financial planning. It is a great way to make sure you aren’t paying over the odds for your property – the last thing you want is to be paying a high rate of interest on your mortgage when you could be making significant savings on a new deal.

It’s a fact of life that your circumstances change so it’s important that you remortgage regularly to give you the financial flexibility you’ll need as your lifestyle changes. The mortgage market can be quite turbulent and making sure you get the right expert advice in order to avoid making a mistake which could impact your financial security in the long run.

What is remortgaging?

Mortgage lenders design new products regularly; they base the rates on the financial markets, both current and forecast. Events such as Brexit and the Trump administration have been known to effect the financial markets and this is reflected in the rates included in mortgage products. Essentially, remortgaging is the process of replacing your current mortgage with another.

Reasons to remortgage

Perhaps your current deal is about to end? Many of the best mortgages rates only last for a short time but when it comes to an end you’ll be placed on a standard variable rate of interest (SVR) which can be higher than you’ve been paying on your initial rate. It is possible to make considerable savings by remortgaging to a lower interest rate.

Your mortgage payments are likely to be a significant portion of your household income. In times of financial uncertainty it is good to know exactly what your mortgage payments are going to be each month in order to budget the household income – remortgaging to a fixed rate mortgage can help do this. However there are other products like trackers available

A remortgage can be used to raise extra funds that might aid you in paying for home improvements or to consolidate loans or other debts. Home improvements can often increase the value of your property so remortgaging to make changes to your home can provide an excellent return on your investment.

Getting advice when remortgaging

Making the decision to remortgage is all about timing and personal circumstance. It’s not always the right decision for everyone, it could put you in a tricky situation so be sure to get mortgage advice from an expert who will have access to the best remortgage deals and the expertise to advise which mortgage deal would benefit you and your situation the most.

You might already be on a good mortgage rate, in which case it would benefit you to stay on it. However if you are on an older mortgage you could be paying well over the odds. If you haven’t remortgaged and your last deal has expired make sure you get in touch with one of our Nazcot Financial experts to see what mortgage deals we have available – we’re sure we’ll be able to offer you the latest and best products.

Our team of advisers have extensive knowledge of the mortgage markets and are on hand to answer any questions you might have. You can email us or give us a call on 01753 439000 to talk to one of our experts. Don’t forget to stay up to date with all the industry news and latest deals by following us on Facebook, Twitter and LinkedIn.