Remortgage
Switching to another deal or lender without moving house can get you a better deal and save you money.
Remortgage
In the realm of homeownership, remortgaging stands as a versatile financial tool, offering a multitude of benefits that can significantly impact your overall finances. Whether you seek to manage your monthly mortgage payments, consolidate debt, or unlock equity for home improvements or investments, remortgaging can be the key to unlocking your property’s hidden potential.
At Allegro Mortgages, our experienced brokers can help you find the best remortgage deal in Milton Keynes. We have access to a wide range of mortgage products from a variety of lenders, so we can find you the best possible rate.
What is Remortgaging?
Remortgaging involves replacing your existing mortgage with a new one, typically offered by a different lender. This process enables you to access the equity accumulated in your home, which can be utilised for various purposes, such as:
Securing a lower interest rate: By switching to a more favourable interest rate, you can potentially reduce your monthly mortgage payments, easing your financial burden and freeing up additional funds for other priorities.
Consolidating debts: Consolidating multiple debts into a single remortgage can simplify your financial management and potentially lower your overall interest payments.
Accessing funds for home improvements: Utilising remortgage equity can finance home renovations, upgrades, or energy-efficient enhancements, increasing your property’s value and improving your living space.
Releasing capital for investments: Remortgaged funds can be invested into other opportunities potentially generating additional income streams.
Key Considerations Before Remortgaging
Before embarking on the remortgaging journey, it’s crucial to carefully consider the following factors:
Current mortgage terms: Thoroughly review your existing mortgage agreement to understand any early repayment penalties or exit fees that may apply.
Financial situation: Assess your current financial situation, including income, expenses, and credit to determine if remortgaging aligns with your overall financial goals.
Mortgage options: Research and compare remortgage deals from various lenders to secure the most competitive interest rates and terms that suit your needs.
Professional guidance: Consider consulting a qualified mortgage broker here at Allegro Mortgages for personalised advice and assistance in navigating the remortgaging process effectively.
Allegro Mortgages can help
At Allegro Mortgages, we can help you find the best remortgage deal for your needs and guide you through the remortgaging process. We offer a free, no-obligation consultation to discuss your remortgage options. So why not give us a call today.
Check it’s the right option
Re-mortgaging isn’t suitable for everyone. Your existing deal might have penalty clauses or set-up fees on a new mortgage could mean switching doesn’t make financial sense. Make sure you get the right advice before you commit.
Check the repayment period
Sometimes, saving money every month means you taking longer to pay off your mortgage. This could cost you a lot more in the long run. Be sure that any new deal doesn’t extend the mortgage longer than you want it to.
Talk to your existing lender
Many lenders offer good re-mortgage deals to existing customers, so it could be cheaper and easier to stay with your current provider. We can help you by comparing what’s on offer from your lender to the deals available elsewhere.
More advice
By talking to Allegro Mortgages, you can make sure re-mortgaging is the right option for you. If your current deal is due to expire in the next six months or you are currently paying your lender’s standard variable rate, call us for an initial fee free, no-obligation review and see how much you could save.
Looking to Remortgage?
Call one of our expert advisors now or complete our Remortgage Enquiry Form
