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Residential re-mortgage
There are many reasons why you may wish to review your existing residential mortgage. We can help existing clients and new clients. You don't have to stay with your existing lender as long as affordability fits with a new lender that suits your needs better or is more cost effective than your existing lender's products. We do the research again just as if you were buying a property. Here are a few ways we can support with your re-mortgage
1
Like for like re-mortgage
The most straight forward type of re-mortgage - if you are looking to re-mortgage in order to review your options, most likely because you are coming to the end of your current lender's fixed mortgage product, we can support with this. It may be tempting to stay with your existing lender, but this is not always the most cost effective option and "loyalty" products are not always cheaper than products available with alternative lenders. Let us do the research and work for you to make sure you are getting the best deal. If your current lender are the most cost effective on the market at the time of sourcing, we can sort the product switch on your behalf with them too!
2
Borrowing more money against your home
This is known as capital raising, and a capital raising re-mortgage may be something you are considering for various reasons. Have you been thinking about extending or improving your property for some time? Dreaming of summer BBQs in a newly landscaped garden? Borrowing more money against your home could be the most cost effective way to do that. You can also borrow more money to purchase another property, for example a buy to let investment, or to pay for a holiday or a new car. It is important to note that borrowing more money against your mortgage means that your mortgage payments will increase and your overall debt will be increased.
3
Debt consolidation
Debt consolidation involves increasing your mortgage borrowing to pay off any personal loans, credit cards or car finance you may currently hold. This is something that can work well and save you money overall, depending on the interest rates and terms you have on your existing commitments and how the terms compare to the new re-mortgage. We carry out research to determine whether it is financially beneficial for you to consolidate your unsecured debts into your mortgage. Debt consolidation is not for everyone, we will look at your individual circumstances to help to assess a suitable option for you. Think carefully before securing any other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.