Remortgages For Home Improvements Or Raising Capital
Need to raise some capital from the value in your home?
Some homeowners may want to consider re-mortgaging and for a variety of different reasons.
One popular reason may be to fund necessary home improvements instead of footing the expense and the logistics involved with moving home.
Other reasons could be to provide you with a means of raising capital to fund a second property, or provide you with a financial boost to fund other expenditure.
Or, if you are reaching the end of a fixed rate term mortgage and your current lender isn’t prepared to offer you as a competitive arrangement as you might like, then it may pay you to ask us to see what else is available in the market.
As Independent, whole of market mortgage brokers, we have access to many schemes that are not available on the high street and some are only available through intermediaries professional like us.
Another reason why you may want to consider a re-mortgage is to consolidate your debts into one plan and with the aim of reducing your monthly outgoings. The economy in the UK is underpinned by consumer debt i.e. credit cards, overdrafts, hire purchase, car leasing and personal loans.
However, debt consolidation by re-mortgaging has to be considered very carefully as does securing any loan or replacement loan against your home.
If debts are your primary concern and your main reason why you are considering a re-mortgage, it may be best advice to seek professional debt management advice that is offered freely by a number of debt advice charities. This is because there may be more suitable alternatives available to you and by re-mortgaging you could end up paying more interest over the longer term than you may have done with your original debts.
It really does pay to take professional and independent advice.
Additionally, and an important factor to consider is; any early repayment penalties that your current or next lender imposes, especially, in the early years of a mortgage arrangement. These penalties can be quite excessive!
As Independent Mortgage Brokers we perform a duty of care for all our clients to ensure best practices are maintained and all possible solutions are considered before making any financial commitments.
