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Should I Remortgage in Sunderland?

At some point in time, every homeowner will see their introductory period come to an end. If you are thinking the same way as most homeowners, you may be considering taking a remortgage out on your property.

If you are looking to learn more about remortgages in Sunderland, please feel welcome to watch our video all about taking out a remortgage, hosted by “Moneyman” Malcolm Davidson, on our channel MoneymanTV.

Is remortgaging in Sunderland right for me?

This will typically depend on what it is that you are looking to do. For a lot of homeowners, a remortgage in Sunderland is the next step that makes the most sense, as they look to improve their lifestyle or make the most out of their home, but it is not the right choice for everyone.

It is the job of a dedicated remortgage advisor in Sunderland to review your personal and financial situation, what all of your plans are, and see if this is the best possible plan of action for you to take.

We offer a completely transparent mortgage advice service, so if there is a better option out there for you, your mortgage advisor in Sunderland will let you know, and possibly offer up an alternative.

Why do people remortgage in Sunderland?

As is generally the case with any mortgage option, you will need to make some careful consideration and planning in advance. There are many different reasons as to why someone may look at taking out a remortgage in Sunderland once their introductory period has ended.

To Avoid Any Increases in Mortgage Payments

The most impactful reason in recent memory is because of a rise in national interest rates. Historically speaking, interest rates are much lower than they have been in previous years, so you may find that they are more likely to go up than they are to go down.

With this in mind, it may actually be more suitable you to remortgage in Sunderland as soon as possible, to fix in for a chosen amount of time, to take advantage of the current rate. People will usually opt for 2-5 year fixed rates, though you may be able to fix in for longer.

Doing this could potentially save you a lot of money in the long run, as the interest rate may have actually gone up during that time period, but you will still be paying the rate of interest that was available to you when you fixed in.

For a Better Rate

In other cases, it’s not necessarily because of interest rate rises, it could just be that you’d like to access better rates that may be available to you. Over time, there will be a build up of equity within your property, as well as the potential of your properties value going up.

The equity that is in your home can be used to get yourself a much better loan-to-value. This means much better interest rates, which could either contribute to saving you money, or reducing your mortgage term, depending on what you’d like to achieve.

For Home Improvements

On the topic of the equity that is in your property, other customers may look at releasing it via their remortgage in Sunderland, as a means to raise the necessary funds to cover the cost of any home improvements, modifications or alterations that they are planning to have carried out.

Whilst the mindset of many homeowners may just be to pack up and move for what they want in a home, for others, this is their home, they have grown in this building, perhaps raised or plan to raise a family in it. Because of these things, making modifications might be the best way forward.

We often hear of choices for doing this to include, for a newly refurbished kitchen, for a home office, to create an extra bedroom, more living space, a conservatory or maybe something else. This can then increase the value of your home, which can come in handy if you ever look to sell.

To Consolidate Debt

As you are going through your term, you may have gathered some unsecured debts against your name that have left the maintenance of your monthly payments to be quite challenging. Though it can be incredibly risky, taking out a remortgage in Sunderland to consolidate debt can be useful.

Doing so will see all of your unsecured debts combined into your monthly mortgage payments, as one single monthly outgoing. This free up disposable income and create less outgoings, though it will extend your debt over your mortgage, which will cost more on interest overall.

You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.

Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.

Alternatives to Remortgage in Sunderland

Every now and again, we find that perhaps a remortgage in Sunderland is not best for a customer. That is why we would always recommend taking out remortgage advice in Sunderland before your introductory period ends, for you to speak with a mortgage advice expert and be advised on the right option.

Your mortgage advisor in Sunderland may feel that it is better for you to take out a product transfer, where you would take out a new mortgage deal, but stay with the same lender. If you’re looking to find somewhere that has more space, you may be better suited for moving home.

There may actually be more appropriate circumstances where your mortgage lenders Standard Variable Rate of interest could be your best option, though this isn’t something that is a frequent occurrence. This is because, typically speaking, your monthly mortgage payments will be more costly.

Homeowners over the age of 55, with a property that is worth £70,000 (whether they have a mortgage or not), may find it beneficial discussing equity release in Sunderland with a trusted later life mortgage advisor. They will help you to understand the pros and cons of lifetime mortgages.

Get booked in today in for a free remortgage review, by using our online booking feature. From there, a trusted and dedicated mortgage advisor in Sunderland will run through your situation with you, advising on what your best choices may be.

To understand the features and risks of equity release and lifetime mortgages, ask for a personalised illustration.

A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.

Date Last Edited: 13/01/2023

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