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5 questions to ask yourself before re-mortgaging
19th October 2017
Re-mortgaging your home can be beneficial for many reasons; however, it is still a serious commitment with critical considerations to take into account. If you decide that you need to re-mortgage your property, make sure to ask yourself the following 5 questions before you sign on the dotted line.
1. Why are you re-mortgaging?
Before you begin the process, it’s vital that you know exactly why you are considering re-mortgaging your property. Your current mortgage deal may be coming to an end, in which case shopping around for a new offer could save you money in the long run. If you need to re-mortgage for extra cash, it’s imperative that you know exactly where the money is going, and you ensure that you can afford to make the new repayments.
2. Is now the right time?
Interest rates are ever-changing, and if you don’t keep an eye on these changes, you may not end up with the best possible deal. It’s always advisable to consult with a mortgage advisor when it comes to finding the best possible deal, with the right interest rate for you.
3. Will you have to pay to leave your current deal?
Some mortgages will require you to pay penalty fees to end your deal early, and you will inevitably have to pay arrangement fee’s when you look to set up a new mortgage. It is worth weighing up these costs, therefore, before going through with the re-mortgaging.
4. Can you verify your income?
If your employment status has changed since setting up your original mortgage, then this could affect the possibility of you being able to re-mortgage your property. Equally, if your credit rating has taken a dip, this could also impact the mortgage rate that you are offered.
5. Do you fully understand the process?
The most important thing to keep in mind is whether or not you fully understand the process of re-mortgaging. To answer any questions and help you navigate the process, consulting with a reputable mortgage broker is advised.
Bristol Mortgage Advisers are fully independent of any bank or building society; therefore, you know that you’re getting trustworthy, impartial advice. For a free initial consultation, book an appointment with a member of the team today.
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