To Re-Mortgage or Not to Re-Mortgage?

This is traditionally a time of the year when other things become more important than selling or buying a new home. Let’s face it – who wants to move with Christmas on the horizon and the weather is turning cold and wet?!

But let’s not forget, many of us will be coming towards the end of a mortgage deal no matter what time of the year it is and should be considering what deal to take next. With Brexit on the horizon and with all of the uncertainties this has caused, it makes undoubted sense to secure and protect the largest investment we have.

Traditionally a re-mortgage is the answer to this, especially as there are still some fantastic mortgage rates available and lenders are always looking at ways to attract new mortgage customers. Many people have decided to button down the hatches during these times of uncertainty and improve there current home. A re-mortgage is often the answer to this as lenders are more than happy to provide the funds for home improvements, as this will not only increase the value of the property, but will help people cope with growing families and improve their homes. Sometimes if people are locked into a great mortgage deal, but want to borrow more, a further advance or secured loan is the answer.

If you have large debts and are worried about being able to afford to pay your mortgage, a re-mortgage is often the answer. To consolidate all of your borrowing into one low affordable (Brexit proof) monthly payment makes a lot of sense for many. One word of warning, if you were to do this you are likely to spread the cost of your debts over a longer period, so of course this would need serious consideration.

We are finding today that many of our customers are taking an entirely different route from re-mortgaging. Especially if they only want a better mortgage deal and don’t want to borrow any more or make any other material change to their mortgage. It makes a lot of sense to mortgage lenders to keep their existing customers and therefore they are offering product switches without any further underwriting. Existing customers should receive notification from their lender in advance of a mortgage deal ending and what new products will be available. But of course you will not receive qualified mortgage advice from the lender, so it is very important to understand that this is just one option and therefore you should seek a good mortgage adviser to help you consider all of your options.

At Westexe Mortgages, we have our finger firmly on the pulse with real time access to all of the best mortgage deals available for re-mortgages, purchases and product switches. Our mortgage sourcing system will help you to evaluate not only the lowest rates available, but also look at the real cost over five years and the whole term of the mortgage. All of our advisers are fully qualified and possess years of experience designed to provide you our valued customer the very best value for money.

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Posted on November 6, 2018 by Peter Marriott, in: Staff posts

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