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Unlock Your Home's Potential: 6 Top Reasons to Consider Remortgaging Your Home

Remortgaging is the process of switching your existing mortgage to a new lender or a new mortgage product with your current lender. It can offer numerous benefits to homeowners, but it is often misunderstood. In this blog, we will discuss some of the main reasons to remortgage and why you should consider it.

Get a better mortgage rate

One of the most common reasons people consider remortgaging is to secure a better mortgage rate. With the help of a mortgage broker, like Major Financial Services, you can access the whole of market mortgage lenders. By exploring the options available to you, you may be able to find a better deal that will save you money and reduce your monthly payments.

Raise money for home improvements

Remortgaging can provide a cost-effective way to raise money for home improvements. You have three options for doing this:

  • Borrow more money: If you're happy with your current mortgage deal, you may be able to borrow more money without remortgaging. This is often the most straightforward option.

  • Remortgage with your current lender: Remortgaging with your current lender may be less expensive than remortgaging with a new lender in some cases.

  • Remortgage with a new lender: This option allows you to explore the entire market of lenders to find the best mortgage deal for your circumstances.

Benefit from flexible mortgage terms

Another reason to remortgage is to take advantage of flexible mortgage terms. For example, if you have inherited a large sum of money, you may want to overpay on your mortgage to pay it off quicker. By remortgaging, you may be able to find a lender that offers more flexible payment options to suit your lifestyle and financial goals.

Release equity

If you are reaching the end of your current mortgage deal and you're looking to re-balance your finances, remortgaging can be an excellent opportunity to release equity. This can provide you with the funds you need to buy a second property or start a business. Major Financial Services can help you explore all the equity release options available to you.

End of a fixed-term deal

If your current mortgage deal is coming to an end, it's a good idea to explore remortgaging options 10-12 weeks before it expires. This gives you plenty of time to find a better deal that suits your circumstances. You can either negotiate better mortgage terms with your current lender or explore new lenders in the market.

Consolidate debts

Remortgaging can also be an effective way to consolidate debts. If you have accumulated debts such as personal loans over the years, you may be able to pay them off by remortgaging. However, it's important to speak to a mortgage advisor, like Major Financial Services to see if this is a viable option for you.

Remortgaging can offer numerous benefits to homeowners, from securing a better mortgage rate to releasing equity or raising money for home improvements. If you're considering remortgaging, it's important to seek professional advice to determine whether it's the right option for you. Major Financial Services can help you explore all the options available to you and find the best deal for your circumstances.

Contact us today

With access to every mortgage on the market, we’ll research the best deals to match you with the right lender and product for you. For more information or to arrange a free consultation with Major Financial Services, please call us today at 0161 706 0849 or use our online contact form and we’ll get back to you promptly.

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