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Remortgage Advice in Birmingham

Has your current mortgage deal comes to an end? Perhaps you need to borrow some extra money? Then maybe this is the right time for you to consider remortgaging. We often see customers have left searching for a deal too late and ended up lapsing onto their Lender’s Standard Variable Rate.

If this happens to you, then the chances are you are paying more than you need to be doing on your mortgage payments each month. We highly recommend that you keep on top of your mortgage, speak to a remortgage advisor in Birmingham.

Should I shop around for a remortgage or stay with my Lender?

If you rely on your current Lender offering you a new deal, you will be missing out on potentially lower rates elsewhere. Lenders do not reward loyalty as a rule. Lenders even offer better deals to new customers than existing borrowers. If you simply switch online without speaking to someone, this is an Execution Only mortgage, meaning you do not benefit from the consumer protection you would have got 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. We have always felt that customers should always take advice when their remortgage is due.

Some customers are still on really 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 in Birmingham.

Remortgaging Advice in Birmingham for Home Improvements

If you feel your home would benefit from some upgrading? Then it’s time to remortgage for Home Improvements. Investing in your home can be an excellent investment. Some improvements, such as extensions or loft conversions, can put a 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 works you intend to have carried out. You don’t necessarily have to use the Contractor that provided the view to do the actual jobs.

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

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

You can raise capital on your property when you remortgage 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 in a Remortgage for many years generally, so it’s essential you borrow for the right reasons.

Debt Consolidation Remortgage Advice in Birmingham

Adding unsecured debt to your mortgage, you may end up paying back more interest overall. This is because a mortgage term tends to be much longer than that of a personal loan.

You will need to take into account that you are making unsecured debt and securing your home. That doesn’t sit comfortably with everyone as you are under the risk of repossession if you cannot afford your mortgage in the future.

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

Remortgage Options in Birmingham

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 of the above and decided a Debt Consolidation Remortgage in Birmingham could be right for you, then it’s vital you speak to a remortgage advisor in Birmingham. The 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.

Find out if this is the right option for you and speak to a remortgage advisor in Birmingham today, and we will help and assist you with all your mortgage-related needs.

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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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