In our latest article, we look at when and why you should consider remortgaging for financial flexibility.
Many homeowners think once their mortgage is in place, the hard work is over. However, remortgaging could be a smart financial decision depending on your circumstances. Helen Ferneyhough Associates can assist in determining whether it’s the right time for you to switch to a new deal.
The sooner you contact us about your remortgage the better too. Often 6 months in advance of a fixed rate change or circumstances you can plan for, is the best practice when remortgaging.
Often the conveyance of the remortgage could take in excess of 6 weeks, should your property be a leasehold or if you’re transferring names on a title, such as during divorce or marriage, so don’t leave your search until the last minute. We’re also able to secure rates right up to completion, but we can also lock in rates up to 6 months in advance of completion too, so make sure you’re prepared.
Why Remortgage?
Remortgaging allows homeowners to switch from their existing mortgage to a new one, typically to secure a better interest rate. This could be particularly advantageous if your current deal is ending or if interest rates have dropped. Additionally, remortgaging can help free up some equity from your home, which could be useful for home improvements or other major expenses.
Avoiding Standard Variable Rates
When your fixed-term mortgage deal ends, your lender may switch you to their Standard Variable Rate (SVR). This can often be higher than what’s available in the market. Byremortgaging before this happens, you can avoid paying more than necessary.
Managing Debts and Expenses
Remortgaging can be a way to consolidate debt or cover significant expenses by borrowing more against the equity in your home. However, it’s essential to get expert advice, as borrowing more increases the amount you owe and extends the repayment term.
Contact Us
“Remortgaging through Helen Ferneyhough Associates helped us lower our monthly payments. They found a deal that was much better than our previous lender’s SVR.” – John, homeowner
Interested in finding out if remortgaging is the right option for you? Contact Helen Ferneyhough Associates for a free consultation.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £195 to £695 and this will be discussed and agreed with you at the earliest opportunity. Bank of England Base Rate
