Why You Might Choose to Re-mortgage Your Property?
For most of us, our mortgage is our biggest financial commitment. It’s easy to leave things as they are, live in the status-quo, but it’s much like shopping around for the cheapest phone contract. There are savings to be made and sometimes these are substantial.
As with anything in life, there are pros and cons.
Reasons for Re-mortgaging
- Your fixed rate is coming to an end
- Your new standard rate is high
- The value of your home has increased
- You are unable to make over-payments
- You want to borrow more money
Reasons You Shouldn’t Re-mortgage Your Property
- Your early repayment charge will be high
- Your remaining debt is small
- The value of your property has dropped
- You don’t have much equity in your property
- You have credit issues
- You are currently on a very good rate
Thinking About Remortgaging?
We have the advantage these days, of being able to shop around for something new, if our contract is up. We don’t have stay with the same mortgage provider if we can find a better deal elsewhere.
If you are looking to borrow more money for home improvements for example, then re-mortgaging might be a good option for you to consider. Sometimes it’s possible to speak to your current lender and ask them how they might be able to help you.