Remortgage Advisor & Remortgage Advice in Coventry

Remortgage Advice in Coventry

Is your current mortgage deal approaching its end? Do you think that you will need to borrow some extra money? If so, then it may be just the right time to remortgage.

We always see customers forgetting to search for a new deal and they end up rolling straight onto their lender’s standard variable rate. This is why you should always keep on top of your mortgage and make sure you know when your term is ending. There is no doubt that your lender’s rate will be much higher than your current rate, meaning that your monthly payments will rise up. So the best thing to do is to keep on top of your mortgage, speak to a Remortgage Advisor in Coventry, there is nothing wrong in planning ahead!

Should I look elsewhere for a remortgage or stay with my lender?

We advise every customer to “shop” around before committing to the same lender. There are likely to be hundreds of better deals out there with lower rates, never stay with the same lender just because you think it is easier. Lenders don’t reward you for your loyalty, in fact, they will probably offer better deals to new customers than to customers who have been with them for five years!

Some people like to remortgage there and then without speaking to an advisor or their lender. They do it by themselves by switching over online, this is called an execution-only mortgage. Yes, it’s easy to do but doing it online does not benefit you from any consumer protection. You would get this get if you went to a Mortgage Broker in Coventry. Lenders love their customers doing everything online as sometimes applicants can do things wrong which results in them taking out the wrong product. This can put the borrower on a higher rate than what they could’ve been on had they taken Mortgage Advice in Coventry.

There are many different types of mortgages available and some of them are more popular than others. To help you understand some different mortgage types, we made some “Mortgages Explained” YouTube videos on moneymanTV, be sure to check them out if you are interested.

Remortgage Advice in Coventry for home improvements

Do you feel like it’s time to upgrade your home? Did you know that you can remortgage for home improvements? This can be a great investment as some improvements such as extensions or loft conversions can add more value to your property. People who aren’t looking to increase their home value and have found their “dream home” will also borrow for home improvements, there is nothing wrong with this, they just want to make give their home a bit of a makeover. You can increase your mortgage to pay for cosmetic alterations as well as structural work

If you need to borrow a large amount of money, your 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 estimate to do the actual works when it comes to it.

Some people may even be interested in remortgaging for a home office, and yes that it is cheaper and totally achievable!

Capital raising advice

You are allowed to raise capital on your property when you remortgage for almost any legal reason. This 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 have to pay interest on your remortgage for a long time after you take one out so you need to make sure that you are borrowing for the right reasons and that you won’t have a problem in meeting your monthly mortgage payments for the whole mortgage term.

Debt consolidation advice

Adding unsecured debt to your mortgage could result in you paying back a higher rate of interest overall. This is because a mortgage term is usually much longer than a personal loan (this isn’t always the case).

You will need to consider that you are taking unsecured debt and securing on your home. Not everyone will agree with this as you are under the risk of repossession if you are unable to meet your mortgage payments down the line.

You will need to know that if you have 0% credit cards, the interest rates that apply to the debts that you are thinking of rolling onto your mortgage will begin gaining interest too.

Remortgage options

You should consider all of your remortgage options before deciding to consolidate debts. We recommend seeking Remortgage Advice in Coventry from a remortgage advisor. They will go through all of your options and then recommend you with the best route to go down. They might even advise you to not take a debt consolidation remortgage. They are always going to point you towards the option that will benefit you the most.

Often, consolidating debts into your mortgage can result in a massive reduction to your monthly outgoings. Some customers have ended up cutting their payments by hundreds of pounds.

You can find out if this is the right option for you by speaking to a Remortgage Advisor in Coventry today, we can’t wait to help answer all of your remortgage questions.

Remortgage Advice in Coventry