Have you thought about Re–Mortgaging?
Have you thought about Re–Mortgaging?
For many people, their home is their pride and joy, but the reality of being a home owner requires a lot of responsibility. Paying off monthly mortgage payments on top of insurance policies and utility bills can quickly add up. Which is why remortgaging can offer flexible benefits for home owners.
Here at Financial Foresight we have listed the following benefits worth thinking about when it comes to finding a mortgage that suits you.
Benefits to Remortgaging
1. Better Interest Rate
When taking out a mortgage, you normally get an introductory deal of a low fixed rate for the first 2 –5 years of your mortgage. Once you pass this time frame you will more than likely move to your lender’s standard variable rate. This SVR could be much higher than what’s available on the market so opting to remortgage could see you save. Contact Financial Foresight for trusted mortgage advice on your personal situation today.
2. Flexibility
Remortgaging can provide homeowners with more flexible deals to suit their lifestyle. If for example, you want to put your mortgage on hold due to traveling or changing jobs you can find a payment plan that accommodates to this. Or alternatively there are current account mortgages available on the market that make use of your savings to reduce the amount of interest you pay. Either way, there is a mortgage plan to suit you.
3. Ability to Overpay
If you’ve recently had a pay rise or inherited some money, then paying extra towards your mortgage can seem like a sensible idea. Remortgaging will allow you to reduce the loan size and potentially get a cheaper rate as a result. But remember to check and see if you have any early repayment charges or exit fees before switching.
Financial Foresight
Discover more tips on how to get the best remortgage deal! If you’re in need of trusted mortgage advice feel free to book a free, no obligation consultation with our financial advisors today. We’d be happy to help!