Is your current mortgage deal soon ending? Do you need to raise funds for a specific purpose? If so, then it might be time for you to remortgage in Liverpool! You can get started with this today, by getting in touch with an expert mortgage broker in Liverpool.
We regularly find that customers leave searching for a new deal a little too late, which sees them falling onto their lender’s standard variable rate, which can be expensive. This happening really does highlight the importance of keeping on top of your mortgage.
A mortgage lenders standard variable rate, will most likely be much higher than you were on previously, meaning your monthly payments will go up. Planning ahead of time and speaking with a mortgage advisor in Liverpool can help to prevent this.
We would always recommend that customers look at their options before committing to something. Whilst staying with your current mortgage lender and only switching deals (a product transfer) might be a valid option, you could save money and find a much lower rate with a remortgage in Liverpool.
A lot of the time, homeowners like to get everything over and done with, avoiding the need to speak to people if they can. Nowadays, it is much easier to do everything online, without a mortgage advisor in Liverpool. Doing this is called an execution-only mortgage.
Although it may be easy to do and at face value can seem straightforward, you are actually putting yourself at risk of going onto the wrong deal, as well as losing any consumer protection that comes along with taking expert mortgage advice in Liverpool.
A mortgage lender will not be phased by an applicant agreeing to the wrong deal and ending up on something perhaps with a higher rate, as it’s something the applicant chose to do. It’s reasons like this why you are much better off getting remortgage advice in Liverpool.
If you perhaps feel like your home needs a new lease on life, you may be able to remortgage for home improvements. Making changes such as extensions or loft conversions are a big investment, but can also add a lot of value to their property.
Whether it is because of structural repairs that need to be made or something you just really want to see in your home, there is nothing wrong with giving your home a bit of a makeover. There are plenty of mortgage lenders willing to do this, providing you can give quotes for the works in advance.
Capital raising, otherwise known as releasing equity or raising money, is one of the most common reasons to remortgage and we encounter this a lot. It can be used for a buy to let deposit, to consolidate debts, to gift a deposit or to carry out the aforementioned home improvements.
Do remember that you will still be paying interest on a remortgage for a long time after you take one out, so you need to ensure that you are borrowing for the right reasons and can afford it.
If you add any unsecured debt onto your mortgage, you will likely find yourself paying back more interest overall. This is typically because a mortgage term will run for much longer than a personal loan.
You will need to bear in mind that those unsecured debts are going to be secured against your home. This means that you are under the risk of repossession if you cannot afford your mortgage payments at any point in the future.
It is also important to note that anything that was perhaps a lower or even a zero interest debt, such as maybe a credit card, will start to gather interest as well, due to it being incorporated into your mortgage.
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.
It is definitely recommended that you consider all of your options before making any decisions. We believe that it would be highly beneficial to seek expert remortgage advice in Liverpool.
A trusted mortgage advisor in Liverpool will evaluate all of your options and then recommend the best path for you to take. You may have come in with one particular plan in mind, when actually that’s not the best thing for you to do!
Book your free remortgage review today and speak to an expert remortgage advice team in Liverpool. We will be with you every step of your remortgage journey, working quickly and efficiently so you can get back to enjoying your home.
Date Last Edited: August 7, 2023