The primary benefits of remortgaging are often centred around financial savings. Clients typically consider remortgaging for two primary reasons: to secure a better, lower, or cheaper interest rate or to adjust their mortgage structure to better suit their financial goals. In the former case, remortgaging can significantly reduce monthly payments, allowing homeowners to allocate those funds elsewhere. For instance, it can make managing school fees or other financial commitments more manageable.
It’s prudent to start planning three to six months ahead to evaluate options and secure the best deal.
Market conditions play a crucial role in remortgaging decisions. In some cases, clients choose to remortgage when they identify a better rate that aligns with their financial goals. However, the ideal time to consider a remortgage often depends on your existing mortgage end date. It’s prudent to start planning three to six months ahead to evaluate options and secure the best deal.
rate that aligns with their financial goals. However, the ideal time to consider a remortgage often depends on your existing mortgage end date. It’s prudent to start planning three to six months ahead to evaluate options and secure the best deal.
Working with Mor-Invest offers several advantages. Firstly, we provides a broader perspective on the mortgage market, helping you discover lenders and products you might not have considered otherwise. Secondly, we can answer critical questions related to speed, costs, and timing, ensuring that you make informed decisions. Additionally, we often streamline the process, handling various aspects, including legal requirements, to reduce stress and complexity. Ultimately, we’re here to make life easier for you.
Before considering a remortgage, homeowners should assess several factors. Firstly, understand the costs involved, including arrangement fees, broker fees, and potential penalties. Secondly, evaluate whether the new interest rate offers a competitive advantage and results in monthly savings. Lastly, ensure that remortgaging aligns with your financial goals, whether it’s lowering costs, releasing equity, or pursuing specific investments.
Certainly, another client we recently worked with needed to release equity for property investments. Despite being let down by their previous broker and solicitor, we secured about half a million in equity for them. This allowed them to reinvest and expand their property portfolio, demonstrating the power of remortgaging for financial growth.