Remortgaging Milton Keynes
There’s a number of reasons to look to remortgage. The expert advisers at Mortgages:MK in Milton Keynes are here to help.
Your mortgage is one of your most expensive outgoings and it’s important to achieve a competitive rate. This could potentially save you thousands of pounds over your life of borrowing.
Whether you are on your lender’s Standard Variable Rate or if your current agreement is coming to an end, get in touch and we can carry out a no-cost financial review to see how much money you could save or, if you’re better off staying where you are we will let you know.
Debt consolidation is one of the main reasons that people consider remortgaging. If you’re a homeowner and have debts that you’re struggling to keep up with, you can acquire funds using your home as security, to clear these debts. However, you should always think very carefully before securing borrowing with property, as this will naturally be at risk if you fail to meet the repayments.
Think carefully before securing other debts against your home. You will potentially pay more interest by consolidating if the loan is increased and the term is extended. Your home may even be repossessed if you do not keep up repayments.
Some people remortgage to gain funds to carry out improvement work to their property. Any improvements you make to your home may well increase its value in the long term. Spending in this way is an investment in your property, as you could see a return on it at a future date.
In today’s economic climate, many people find that they’re simply unable to keep up with their outgoings. Whether you’ve had a change in circumstance due to illness, a job loss or personal reasons, it’s easy to find yourself in a position where your mortgage payments are not possible.
If this sounds familiar, you should ideally speak to your current lender to see if there are any alternative suggestions that they have.
If your home has risen in value during the period of your mortgage, you may well want to see the benefit of this value through equity release. Remortgaging is one method of doing this, it can be built into the terms of the deal; however it amounts to further lending on your property, and should therefore not be entered into lightly.
You may have to pay an early repayment charge to your existing lender if you remortgage.