Trusted Mortgage Broker in Leicester

At some point in your life, your current mortgage deal will be coming to an end, or you’re in need to borrow some extra money?

Then you should consider to remortgage in Leicester, too many people make the same mistake leaving it far too late and ending up lapsing into their lender’s standard variable rate. If this has happened to you, chances are you are paying way more than you need to be doing on your mortgage payments each month.

Why Should I Shop Around for a Remortgage in Leicester?

Relying on your current Lender offering you a new deal, you will be missing out on potentially lower rates elsewhere. Lenders love it when customers don’t shop around! They do not reward loyalty as a rule. They even offer better deals to new customers than their existing borrowers.

If you switch online without speaking to someone, this is an Execution Only mortgage. That means you do not benefit from the consumer protection you would have gotten by taking advice. Again, Lenders love this because if it turns out, you received the wrong product, you have no grounds to complain since you picked it yourself.

I have always felt that customers should always seek advice when their remortgage is due.

Some customers are still on low-rate tracker deals that they have had for years and years. Even so, it’s always worth having a look to see what is out there, especially if you are concerned that interest rates might go up if you feel like that you can always take out a Fixed Rate Remortgage.

Remortgage Advice in Leicester for Home Improvements

If you feel your home would benefit from some upgrading, then it is possible to remortgage in Leicester for home improvements. Investing in your home can be an excellent investment.

Some improvements, such as extensions or loft conversions, can put value on your home. Kitchens and bathrooms can look tired after a few years, and you can increase your mortgage to pay for cosmetic alterations as well as structural work.

If the amount you need to borrow is significant, then the lender will reserve the right to ask you for estimates for the work you intend to carry out. You don’t necessarily have to use the contractor that provided the view to do the actual tasks.

Some people borrow for home improvements even if they know their home may not go up in value. If you have decided you are already in your “forever home,” and if you can afford it, there’s nothing wrong with borrowing for this purpose at all.

Capital Raising Remortgage Advice in Leicester

You can borrow extra funds for most legal purposes, examples of this would be:

You can raise capital on your property when you remortgage in Leicester for almost any legitimate reason. It could be for large consumer purchases, gifts to help family members, to purchase a Buy to Let property or for debt consolidation.

Remember, you will pay interest on a remortgage for many years usually, so it’s essential you borrow for the right reasons.

Debt Consolidation Remortgage Advice in Leicester

When you add unsecured debt to your mortgage, you may end up paying back more interest overall, and a mortgage term tends to be much longer than that of a personal loan (although it doesn’t have to be).

Are you taking unsecured debt and securing your home?

That doesn’t sit comfortably with everyone as you are at the risk of repossession if you cannot afford your mortgage in the future.

You will need to know the interest rates that apply to the debts that you are considering rolling into your mortgage. If you have 0% credit cards, then adding these to your mortgage will start attracting interest.

You should consider all options before deciding to consolidate debts, such as asking family members for assistance if possible and reducing as much non-essential expenditure as possible.

Once you have considered all the above and decided a debt consolidation remortgage could be right for you, then it’s vital you speak with a mortgage advisor in Leicester. Your advisor will take responsibility for the recommended remortgage and help you with your application.

Often, consolidating debts into your mortgage leads to a reduction in your monthly outgoing. Some customers end up reducing their payments by hundreds of pounds.

Date Last Edited: December 6, 2023