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Remortgaging can seem a difficult and confusing process which is why speaking to a professional mortgage adviser from The Mortgage Hut can help you understand your options.
There are several different reasons why you may decide to remortgage including:
Remortgaging to Get a Better Rate
Those who are not on a fixed rate deal or are coming to the end of their current fixed rate period are in an ideal position to to remortgage in order to get a better rate. With new deals and rates available all the time, it is advised that you find out if you could be getting a better deal than your current loan provider.
Of course with so many lenders and offers, the easiest way to get the right deal for your circumstances is with the help of a mortgage adviser. A mortgage adviser from The Mortgage Hut can assess your situation and help you work out if it makes sense to remortgage and if so which deal will most suit you.
Remortgaging to Improve Your Home
If you have enough equity in your property then you may be able to remortgage to release some of this equity to spend on home improvements. This can be a good way of raising enough money for a project such as a loft conversion, extension or modernising you home, especially if your house has increased significantly in value since you bought it.
However, you need to bear in mind that releasing equity means you will be borrowing more so will be paying back more interest on your mortgage along with the costs of remortgaging such as valuation and product fees. Speak to a mortgage adviser to get help weighing up the costs.
Remortgaging to Consolidate Debt
If you have equity in your property and have a number other debts, it is worth working out whether remortgaging could help you consolidate these and save money each month. This could help you keep on top of your debts long term.
The Remortgaging Process
Once you have decided your reason for remortgaging, it is time to speak to a mortgage adviser who can help you through the process. They will help you understand any associated costs (for example switching or exit fees) as well as the monthly repayments. They can also give advice about different types of remortgage such as fixed, variable or tracker rate before finding the product that best suits you. Our adviser will then submit and manage your application, keeping you informed of it’s progress so you can sit, back and relax!