Remortgaging Your Home In Poole

PUBLISHED: 22 December 2020
DISCLAIMER: The information in this blog post may be outdated and may not reflect current financial practices or market conditions

Are you looking to remortgage your home? We can help you potentially save money on your mortgage. According to a survey carried out by Ipsos Mori for panorama, 31% of people who rent or have a mortgage find that payments take up more than a third of their total household income. Even if your mortgage payments are below this level, if they are a significant part of your budget then getting the best possible deal could be a significant boost to the family finance and ultimately to your personal wealth. Like other businesses, mortgage lenders need to be on the lookout for new customers. To attract them, lenders may offer very attractive rates for a limited period. These are often called introductory rates. In the UK these generally last about two to five years. After the introductory period has ended, the mortgage will continue on the lender’s standard variable rate (SVR). At this point, borrowers have essentially three options Stay on the SVR, remortgage with their existing lender or remortgage with a new lender.

Staying on the standard variable rate, although there is the potential to make healthy savings by remortgaging, it is worth remembering that there are costs involved, as you are essentially taking out a new mortgage, you will be looking at paying the same sort of fees as you did when you first brought your house. Therefore it may be more beneficial to you to stay on the SVR.

People also remortgage their homes to release equity from their property. This can be for a number of reasons, to do works on their home or to buy a new car, no matter the reason if you wanted to take out funds from your property we can help you with that.

Get in contact with us if you are interested, our advisors can help you with remortgaging your property and they can also help you with other finances.