Your mortgage is possibly your biggest financial commitment, and remortgaging your property is a convenient way to raise capital if you are struggling with debts, or if you are simply wanting to renovate your kitchen or purchase a new car.
First, it is important to understand the reasons why people decide to remortgage, which is why we have pulled this information together to help you make that final decision!
If you are looking to increase the value of your home, or you simply just want to renovate a room for your own satisfaction, then remortgaging might just be the solution for you. The funds you gain from taking this action will allow you to go ahead will the home improvements, and there is a good chance that you will see a return on the money you have invested in the future, as the improvements you make will add value to your home.
Consolidate your Debts
Debts can be nasty little buggers!
But having multiple debts can be hell, which is why some people decide to use remortgaging to stay on top of the repayments. However, you should think carefully before going forward with this option, as your home will be used as collateral. This means that if you fail to keep up with the monthly repayments you risk losing ownership of your home, which is why we highly recommend that you speak to one of our Debt or Mortgage Advisors here at Basik Money before making a decision.
If your home has increased in value you can use remortgaging to tap into that equity and use it for whatever you need, whether it’s purchasing a new car or putting money towards your dream holiday or wedding.
Remember, if you decide to use remortgaging to release equity, the value of your home will not increase, but the value of your mortgage loan will.
Get a Better Rate
Remortgaging to get a better rate is something to consider, as you can save a great deal of money. However, there is a good chance your lender will make you pay an early repayment charge if you are looking for a better rate. You could also be subject to an ‘exit fee’, so it’s important that you do your sums before making a decision.
If you are looking to remortgage but are unsure where to find the best deals, get in touch with us today on 0330 041 2299. Our team of fully qualified advisors can search the entire market to ensure that you are getting the best rates!