Top Ten Reasons for Remortgages

At times of financial crisis, one major asset that you have is your home.  The bricks and mortar are highly valuable, even during a recession.  When you need access to additional money, it is always possible for you to benefit from remortgaging to free up some of the equity in your home.  A remortgage is not something to take lightly, but it is something that should be carefully considered and the benefits weighed. 

ONE:  Remortgaging means changing your mortgage without moving your home.  The advantage of this is that you can get a better mortgage deal with lower interest rates and reduce your repayment rates by up to 50%.

TWO:  You can release the equity in your home and use that money for home improvements, a holiday, or anything that you need the money for!

THREE: A remortgage can allow you consolidate your existing debts into one single monthly repayment and in some cases; you can do this without increasing your monthly mortgage repayment rate, whilst eliminating your monthly debt repayments.  This could leave you with fewer debts, a better mortgage deal and more money in your pocket at the end of the month.

FOUR:  The interest rate on a remortgage is cheaper than the average loan rate.  This means that commonly, the remortgage is the cheapest type of credit.

FIVE:  Ever wanted to retire early?  You could enjoy semi-retirement funded by the money released through your remortgage.  Use your remortgage to work less hours, fund a part time business, pay for your child’s education or go back to school yourself.

SIX:  Do you fancy getting a second home abroad? You’ll need a lump sum to pay for it.  A remortgage could help you put down a deposit or even pay for a new holiday home in countries such as Turkey, Morocco or Egypt!

SEVEN: Rather than decreasing your mortgage repayments, if your financial status has improved, you can increase your mortgage repayments with a remortgage and get a better rate of interest, pay less and get the whole thing paid off sooner.

EIGHT: Conversely, you may need to increase the length of your mortgage to reduce the payments or ease the financial burden during difficult financial periods.  A remortgage allows this freedom.

NINE: Remortgaging, or the threat of your remortgaging can persuade your own lender to offer you a better deal, why not find a great deal and see if your current lender can equal or better it.

TEN: These days, a wedding costs more than just an arm and a leg - with the average cost soaring to upwards of £17,000.  The equity in your home could pay for that special occasion in your life.

Hanson Wealth have offices in Boldon, Durham, Inverness, Standish and North Berwick. We have a community of independent financial advisers based throughout Scotland, England, Wales and Northern Ireland as well as a variety of services available over the telephone or via the internet. So even if you are not based near to one of our branches, we can still ensure that you will get quality independent financial advice from our IFA team.

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