Re-mortgaging your Bristol home can be something you are considering for various reasons.
You may be coming to the end of your current fixed mortgage deal, and wish to move to another mortgage lender or explore your options to make sure you don’t fall on to your mortgage lender’s Standard Variable Rate (the higher rate once your currently agreed mortgage product comes to the end of its product term). This is known as a like-for-like re-mortgage, as you are simply looking to re-mortgage the existing mortgage amount you already have, to another mortgage lender.
You may wish to raise money from your home, in something called a “capital raising” re-mortgage. In this scenario, you could look to borrow a higher mortgage amount than you current owe on your property, depending on whether you are able to fit the mortgage affordability and criteria for the re-mortgage. Mortgage lenders can consider capital raising against your home in order to fund home improvements, such as an extension on your home, a loft conversion, a new kitchen or bathroom, or simply a refresh of the house or garden. They can also consider capital raising for buying another property, such as a Buy to Let or a Second Home. Again, your affordability would need to fit for this re-mortgage, but also for any other mortgage you would need to secure on another purchase.
There are other areas that mortgage lenders can consider for capital raising against your property when you come to re-mortgage, and your mortgage broker can inform you of the options and whether you may be able to capital raise against your home.
There may be a fee payable for mortgage advice. The precise amount will depend upon your circumstances, and will be discussed with you before proceeding. Your home may be repossessed if you do not keep up repayments on your mortgage.