Remortgage Advice in Leicester

Once you head closer towards the end point of your fixed period for the mortgage you first took out in Leicester, you’ll need to start taking a look at what path you want to take next.

For the most part we tend to find that people will start looking at their options for taking out a Remortgage, as once you have gotten to this point, you’ll probably be automatically placed onto your lenders Standard Variable Rate. This situation isn’t always ideal for homeowners.

The reason that many homeowners don’t like the SVR is because the interest rates involved will generally be a lot more than they would be for your initial fixed period, which means your monthly mortgage repayments will be more than they were previously.

It’s because of this that looking for Remortgage Advice in Leicester tends to be the desired route for many homeowners.

We put a lot of effort into supporting all the different and unique customers that get in touch with us, especially when it comes to those looking to releasing equity from their homes to fund any potential home improvements.

People will usually do this when they’re getting ready to start the work on some planned larger improvements, with common examples being maybe a home extension, a new remodelled kitchen, or a loft conversion.

If you are looking at the different ways that you might be able to release a large amount of equity to put towards the funding of any new home developments, such as an extension, there are a lot of mortgage lenders out there who might wish to see any quotations that you have been given for how much the work is going to cost you.

There are some homeowners out there who may look to consolidate any unsecured debts they have accrued into their mortgage, as doing this sort of thing will allow you to merge all your outgoings into a more manageable monthly payment that will keep consistent for the duration of your mortgage term.

You should always remember that this kind of process will extend your debt over the course of your mortgage term and once that reaches the end, you’ll have technically paid back a lot more overall. There is a lot for you to give plenty of consideration ahead of going into debt consolidation.

With this in mind, you should absolutely make sure that you speak to a Mortgage Broker in Leicester before you consolidate any debts into your home.

You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.

Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.

If you are co-owning a home and are looking to remove the other party from the mortgage, this may be possible to do by taking out a Remortgage in Leicester.

Even if you are quite content to stay with the lender you’re currently taking out the mortgage with, you’ll find that you have to go through a process much like you would with a normal mortgage. This is because you need to prove to the lender that your credit is good and that you can absolutely keep up with the monthly mortgage repayments.

For a better look at how the above scenarios work or to gain a better insight into Remortgages, please feel free to scout our remortgage guides section or get in touch with a mortgage advisor in Leicester.