Reasons To Remortgage

Are you looking at all potential reasons to remortgage? In this latest blog post, we’ll be covering the most popular and common six reasons why remortgaging might be something to consider. Remortgaging is something that comes with various misconceptions that we plan to make crystal clear in this latest post. 

Essentially, remortgaging is the process of transferring your current mortgage to a new lender or onto an improved mortgage with your current lender. 

The process of remortgaging can be managed by Bell Financial Solutions which starts with getting a decision in principle. Secondly, we’ll then help you to apply for a mortgage with access to dozens of lenders. 

Once you’ve decided on the right deal for you, everything is taken care of. We complete all the paperwork and deal with lenders and solicitors. You simply sign on the dotted line. 

Get an improved mortgage rate

One of the most obvious reasons to consider remortgaging is to get an improved mortgage rate. Mortgage brokers just like Bell Financial Solutions have access to dozens of lenders on the market so if you are coming to the end of your current mortgage deal, we highly recommend you consider looking into remortgaging. As a result of looking into getting an improved mortgage rate, you are likely to save money and reduce your monthly bills with some lenders.

Improve your home

Are you looking at improving your home but currently don’t have enough finances to make the changes you wish? If so, remortgaging could be a viable option for you to consider. When it comes to improving your home and remortgaging, you have three possible options;-

• Borrow more money - If you are happy with your current mortgage deal, you may want to consider borrowing more money. In many cases, this is the best way to raise finance.
  
  
• Remortgage with your current lender - In some cases, remortgaging with your current lender may be less expensive than remortgaging with a new lender.
  
  
• Remortgage with a new lender - Another option is to explore the whole market of lenders to find the best mortgage deal for your circumstances.

Benefit from flexible mortgage rates

Another reason to remortgage is the fact you may be able to benefit from flexible mortgage terms. For example, if you have inherited large sums of money, you may decide to want to overpay on your mortgage so that you can pay it off quicker. Here, you may want to seek a new lender so that you can benefit from paying mortgage terms that suit your idealistic lifestyle and desired pay terms.

Equity release

If you have future plans to potentially buy a second property or start a business, you may want to consider equity release. If you are reaching the end of your current mortgage deal and you’re looking to re-balance your lifestyle and finances, this could be a fantastic opportunity. Bell Financial Solutions are able to consider all possible equity release options with you.

Your current deal is ending

Are your current mortgage deal and terms coming to the end? We recommend looking into remortgaging options 10-12 weeks before the end of your current deal to identify better mortgage terms that suit your circumstances. This gives you plenty of time to explore new lenders and negotiate better mortgage terms with your current lender if that’s what you wish to do.

Consolidate Debts

Have you built up considerable debt over the years? If so, you may want to consider remortgaging as a means to balance the books once and for all. Debts such as personal loans can be consolidated by exploring remortgaging options depending on the level of debt that you need to clear. However, it’s always best to speak to mortgage advisers just like Bell Financial Solutions to see if this is a viable option for you to consider or not.

Is remortgaging right for you?

Every circumstance is unique and that’s why it’s always advisable to go through an accredited mortgage adviser that can give you personal advice. There are many elements to consider and although remortgaging is a suitable option for some people, it may not be the right option for others. Further considerations should be considering early repayment charges or exit fees you may face.

Contact us today

With access to every mortgage on the market, we’ll chase down the best deals and match you with the right lender and product for you. And, because we only make promises we can keep, we always recommend a mortgage we’re confident you’ll secure. For more information or to arrange your consultation with Bell Financial Solutions, please call us today at 0161 791 4757 or use our online contact form and we’ll get back to you promptly.