It is no secret that house-buyers, or anyone looking to remortgage, will now have to pay a lot more now, than if they had taken out the same mortgage a year ago. This is mainly due to the increase in interest rates and the instability caused by the previous chancellor.
That being said, we are still supporting a large number of our clients in remortgaging their properties, if you are wondering why remortgaging is still so popular we’ve listed a few key reasons below:
Predictable interest rates:
With rates yo-yoing, many clients are looking for ways to create stability for themselves and their families. Remortgaging to a fixed rate product means you’ll know what your monthly mortgage payments are for a fixed period of time. At present 2 year fixed products are cheaper than 5 year fixes.
You may want to access the equity in your property to finance home improvements, consolidate debt or fund other expenses.
Change in financial circumstances:
You may need to remortgage your property due to a change in financial circumstances, such as a loss of income, divorce, or retirement.
You may want to switch lenders to take advantage of better mortgage terms or to access a wider range of mortgage products, not currently offered in your current deal.
For buy-to-let investors, the reasons for remortgaging are largely the same as for other property owners. However, there are some additional considerations to keep in mind, such as: rental income, lender restrictions and tax implications.
How We Can Help
Overall, remortgaging can be a useful financial tool for property owners, but it’s important to carefully weigh the pros and cons and consider individual circumstances before making a decision.
Our experienced brokers will take the time to understand you and your circumstances so that we can source a mortgage product that suits your requirements.
Get in Touch
If you have want to talk about your mortgage please get in touch with us on 020 3645 4322 alternatively follow this link to request a call back: https://uniquepropertyfinance.co.uk/contact-us/