Remortgage to Find a Better Deal in Birmingham
When your initial fixed period for your mortgage in Birmingham is coming to an end, you need to start looking at your options.
It’s always best to give yourself plenty of time to go through your options and get your new mortgage deal processed. Typically, this is 3-6 months before your fixed rate ending.
The vast majority will look to obtain a Remortgage. If you don’t act, you will automatically be switched onto your Lenders’ SVR (Standard Variable Rate).
The interest rate for an SVR is usually higher than your initial fixed period, which will serve to increase your monthly mortgage repayments. Hence why we recommend speaking to an expert Mortgage Advisor in Birmingham.
Remortgage to Fund Home Improvements
We have worked with many customers looking to release equity from their homes as a means of funding any home improvements.
These are usually for rather significant home improvements, such as a new kitchen remodel, home extension or loft conversion.
If you are looking to release a large amount of equity to fund any new home improvements, such as an extension, some mortgage lenders may ask you to show evidence of any quotations you have received for the work costs.
Remortgage to Consolidate Debts
Consolidating unsecured debts into your mortgage is a possible way that you could merge all your outgoings into a manageable and more consistent monthly payment.
It is crucial to mention that doing this will extend your debt over your mortgage term and will result in you paying more overall. Debt consolidation isn’t something to take lightly. You need to do some serious research before looking into debt consolidation.
It’s vital to speak to an expert Mortgage Broker in Birmingham before securing any debt against your primary asset, in this case, is 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.
Remortgage to Remove a Name
If you co-own a property in Birmingham and consider removing a name off the mortgage, you will need to get a Remortgage to achieve this.
Even if you choose to stay with your existing lender, you might find yourself in a similar process. This is because the lender needs to be confident that the person on the mortgage is creditworthy and can still afford the mortgage.
Free Remortgage Consultation in Birmingham
All customers who get in touch will receive the benefit of a free initial remortgage consultation. Life can understandably get in the way, which is why we make your remortgage consultations with a Mortgage Advisor in Birmingham available on evenings and weekends, 7 days a week.
As an expert Mortgage Broker in Birmingham, we are incredibly knowledgeable when it comes to helping customers with their Remortgages. Whether you are looking to release equity or secure a better rate, we are ready to help you get the ball rolling on a Remortgage, finding you the best possible deal we can for your circumstances.
The perk of using a Mortgage Broker in Birmingham like us is that we can search through 1000’s of remortgage products for you.
Our team do love what we do here at Birminghammoneyman, providing fast and friendly Mortgage Advice in Birmingham, and this shows through in our genuine customer reviews, of which we’re very proud. Feel free to have a look at these.