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What is remortgaging?

Changing to a new lender from your existing lender is called remortgaging, whereas switching to a new product with an existing lender is called a product transfer. Manchester Mortgages are the experts in the provision of products related to remortgage. 

 It is done for several reasons to raise an additional amount for the following purposes-

  • Debt consolidation
  • If you don’t get assistance from your existing lender
  • Home improvement
  • Deposit for property purchase 

The new lender usually offers a free standard valuation of your property with a remortgage. A solicitor is also nominated at zero cost to deal with legal formalities unless an amendment is required on the names of the mortgage. 

Benefits derived on remortgaging your property

  • Competition price can be availed 
  • Raise money for other projects 
  • Debt consolidation
  • Home improvement
  • Save money on your existing mortgage payments
  • Help children with deposits for their first home

When is the perfect time for Remortgaging your property in Manchester?

Remortgaging in Manchester can be your next move if you’ve decided to stay in your present house without moving the property. An expert mortgage broker in Manchester helps you transfer your current deal to one of the best deals and thus offers you to live in your current house with much more favorable interest rates. 

 Why remortgage the property if I can afford my present mortgage?

You can take the help of a trusted mortgage expert in Manchester who can make suitable deals on your behalf or look at price comparisons to find a cheap offer. The problem will arise when the base rate and your payment rise. You’ve to pay less than one percent amount then. You would find staying with this mortgage quite interesting for a while in this situation. 

Can I borrow extra to make improvements in my home?

You can fund and improve your future home if there is substantial property equity at your hand and when you pass the affordability checks. 

It can ultimately prove to be a better choice if it’s done cautiously with the right advisor since you get the chance of increasing the valuation of your house and also offer an updated property. Customers are often seen to update their kitchen or convert their loft. 

Can I borrow additional funds for other purposes?

Yes, you can take additional funds and borrow more money for legal purposes, including consumer purchase, debt consolidation, a gift to relative’s property investment, etc. 

Is the addition of any unsecured debt to your credit a good decision?

It isn’t a good idea as you’ll have to pay more money in the end. However, it may be an option to avoid missing payments and reduce your monthly outgoings.