Remortgage Advice in Leicester

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Should I look elsewhere for a remortgage or stay with my lender? 

Remortgage advice for home improvements

Remortgage to raise capital

Remortgage to consolidate debt

Reason To Seek Remortgage Advice in Leicester

Is your current mortgage deal approaching its end? Are you in need to borrow some extra money? If so, then it could be the appropriate time for you to Remortgage.

Many people, due to unfavourable economic situations, can find themselves in hot waters when it comes to making mortgage payments. If you are in the situation, you should ideally speak to your current lender and see if they have better alternatives to offer you. Remortgaging is perhaps one solution to the problem. However, the remortgaging process can sometimes be complicated and require Mortgage Advice in Leicester.

We frequently observe that customers leave searching for a new deal too late and end up falling straight to their existing lender’s standard variable rate. This is why you should always be aware of when your current deal is about to expire. Unquestionably, a lender’s rate will be a lot higher than your current rate thereby increasing your monthly payments by a significant number. So remember, there is nothing bad to think ahead and speak to remortgage advisor in Leicester.

Should I look elsewhere for a remortgage or stay with my lender? 

It is always the best approach to look around for other deals first before committing to an existing lender. Sticking with your existing lender may speed up the process, as you have an established relationship and they have your details on file, but there could be better deals with lower rates out there. So, go straight to the same lender just because you think it’s easier. Lenders never reward loyalty, they could offer better deals and rates to their new customers than to customers who have been with them for the past five years. 

On the contrary, many people look for online options where they can apply for remortgage online without speaking to an advisor or lender. Such a scenario is called an execution-only mortgage. Yes it can be easy to perform everything online, however, the consumer protection that an individual would have gotten by seeking advice will be no longer available. 

Lenders love their customers doing everything online as applicants often end up messing things up and picking out the wrong product, which can result in the borrower being on a higher rate than what they could’ve been on had they taken remortgage advice in Leicester earlier.

Remortgage Advice in Leicester for home improvements

Do you feel like your home is due to some upgrades and improvements? Home improvements or minor house upgrades are great ways to freshen up your home and increase your home value. 

Did you know that you could remortgage for home improvements? It can be a significant investment, as improvements such as extensions or loft conversions can add significant value to your property. People who are not even looking to increase their property value, because they have found their “dream home”, will also borrow for a home makeover. This could either be cosmetic alterations or some structural work. 

If you need to borrow a significant amount of money, your lender will reserve the right to ask you for estimates of the work you intend to carry out. You do not necessarily have to use the contractor that provided the estimate to do the actual work. 

Capital Raising Remortgage Advice in Leicester 

For any legal reason, you can raise capital on your property when you remortgage. This case is specific for large consumer purchases, gifts to help out family members, purchase a buy to let property, or for debt consolidation. 

Remember that you will be paying interest on a remortgage for an extensive period after you take one out so you need to ensure that you are borrowing for the right reasons and that you will be able to meet monthly payments during the whole mortgage term. 

Debt Consolidation Remortgage Advice in Leicester 

Most people associate remortgaging with securing a better interest rate for their monthly repayments or releasing funds for home improvements, but it is also possible to remortgage to consolidate debt. 

Adding unsecured debt to your mortgage may result in paying higher interest overall. It is because a mortgage term is usually much longer than the duration of a personal loan (this isn’t always the case). 

You will need to realise that you are acquiring an unsecured debt and securing your home. This will not fit in easily with everyone as you are lying under the risk of repossession if you failed to afford your mortgage payments down the line. 

You will need to notice that if you have 0% credit cards, the interest rates that apply to the debts that you are considering rolling onto your mortgage will start attracting interest ultimately. 

It’s important to know that you need to speak to a qualified mortgage advisor prior to securing any debts against your home.

Remortgage options

Before deciding to consolidate debts, you should consider all of your options beforehand. The best way to go about it is to seek remortgage advice in Leicester from a remortgage advisor. They will evaluate all of your options and then recommend you with the best route to go down. They might even recommend that you do not take a debt consolidation remortgage; it is the option that will benefit you the most. 

Often, when you consolidate debts into your mortgage it would lead to a reduction in your monthly outgoings. This would ultimately result in many customers reducing their payments by hundreds of pounds. 

Be vigilant enough to evaluate if this is the right option for you and then decide to speak to a Remortgage Advisor in Leicester today.  We are all up to assist you with all of your remortgage needs. 

Date Last Edited: December 6, 2023