Remortgage Advice in Essex

It is recommended that you start weighing up your potential options for what to do next, once you start to head closer towards the end of your initial fixed mortgage period.

We regularly find that once people have reached this point, they will look to take out a remortgage on your home. The alternative to this is being switched automatically onto your lenders Standard Variable Rate, which can be less than ideal for a lot of homeowners.

The reason why so many prefer not to be on this, is because the interest rate for an SVR tends to be much greater than your initial fixed period, meaning your monthly mortgage repayments will inevitably go up.

This is one of many reasons why enquiring and speaking with one of our mortgage advisors in Essex about taking out a remortgage, tends to be a popular option.

We have worked hard to provide mortgage advice services to a variety of different customers, and this is no different when it comes to releasing equity from their homes to fund potential home improvements you have been looking to make.

People often do this ahead of starting work on any large planned improvements, such as a home extension, a potentially remodelled kitchen, or a loft conversion.

If you are considering what options may be available to you for releasing a large amount of equity to fund any home developments, we have quite a selection of mortgage lenders on hand to help.

You may find that there are some who could ask you to show any quotations you have for the proposed work, prior to it taking place.

Some homeowners who are struggling with their credit may wish to consolidate any unsecured debts into their mortgage. The reason for doing so is that it allows you to merge all your outgoings into one manageable monthly payment that will be consistent for the duration of your mortgage term.

You must remember though that this type of practice will extend your debt over the course of your mortgage term and by the time your term ends, you’ll have paid more back overall. There will be a lot for you to think about when it comes to debt consolidation.

Bearing all of this in mind, we would highly recommended that you book a free mortgage appointment and speak to a Mortgage Broker in Essex prior to securing any debt against your main asset, that being 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.

If you are the co-owner of a home and are looking to remove either yours or another name from the mortgage, this can be achieved by getting in touch with a mortgage broker and taking out a remortgage in Essex.

Even if you decide that you would much rather stay with the lender you’re currently with, you’ll find that you will be going through a similar process. The reason for this is because the lender needs to remain confident that the person who is staying on the mortgage can afford the monthly payments and has suitable credit.

For more information on any of the scenarios mentioned above or to gain a much deeper understanding of how remortgages work, feel free to go have a look at our Remortgage guides section or get in touch to book a free remortgage review with a remortgage advisor today.