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Considering a remortgage?

Make sure you seek professional financial advice to check if a remortgage is your best option.

A remortgage may be able to help mortgaged homeowners in a number of ways.  For example; it could provide you with a welcome capital boost to fund expenditure including home improvements or to raise capital for a second home.

Or if you are nearing the end of your current mortgage term where you have been enjoying a low fixed interest rate or indeed the opposite where your current fixed interest rate has seemed expensive when compared to other deals, you might like to see if you can get a more competitive rate to reduce your overall monthly outgoings.

Another reason home owners may want to consider a remortgage is because they want to reduce overall monthly expenditure by consolidating existing debts into one more affordable monthly repayment.

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Using a remortgage for debt consolidation must be considered very carefully as it is not always the best option.  Often it can mean paying more interest over a longer repayment term.  Equally, you could be faced with an early repayment penalty (ERP) on your current mortgage arrangement if you decide to remortgage within the term where ERPs apply.

You should always think very carefully before securing any loan or replacement loan against your home.  If you have concerns over debt seek professional debt management advice which is offered freely by debt advice charities.  You may find these services more suited to your current debt concerns.

There are also a number of specialist debt management companies who may be able to negotiate with your creditors on your behalf to try and reduce your monthly payments at least in the short term until your net disposable income improves.

Whether you are looking to raise capital for an expenditure or to find a more affordable monthly repayment, or indeed debt management advice, use our free search function to find a financial adviser near you.