A high amount of a family’s income is tied up in their mortgage these days.
Freeing up some of that money can do a lot of good. It’s never a bad thing to have some extra cash on hand.
If you have been seeing ads to remortgage your home and wonder if you should be thinking about it, then this article is for you.
We’ll discuss a few reasons you should think about doing a remortgage.
Overpay your mortgage
You may have plans to retire to the country or abroad and want to ensure that you don’t have the sizable expense of a mortgage.
The only problem is that your current lender doesn’t allow for this. Shopping around will not only probably find a better rate for you, but also a lender that allows you to pay off your mortgage early.
Habito is a site where you can see the rates of different lenders and find one that allows you to overpay. They also have a simple to use mortgage calculator.
The property market has always been a safe bet for investors. If you are thinking of buying a property to rent out, then saving money on your principle mortgage is highly recommended.
Even if you don’t plan to buy more property, having a few hundred pounds a month freed up can be put to better use.
Take those savings and start investing so you have a bigger nest egg waiting for you at the time of your retirement.
Renovate your home
When you have some equity built up in your house, it means that you have had it for some time.
What that really means is that it is probably outdated. Doing a remortgage can allow you to use that equity to renovate and modernize your house. It could be cosmetic, like bathroom tiles with odd colors that could use some updating.
Or, it could be practical, like a new roof. Maybe your family is expanding and you need an additional room for a bedroom.
Whatever your situation is, you’ll need an infusion of cash to do it.
Pay off other debts
Credit card debts have been rising across the UK of late. Paying down that debt with the equity in your home can make a lot of sense. If the interest rate from your mortgage lender is less than your credit card, then this makes sound financial sense.
Stay on top of outgoings
Life seems to get more expensive every year. If you are faced with outgoings that leave you with pennies at the end of the month, then doing a remortgage is the lifeline you’ve been looking for.
Finding a better rate can save you hundreds per month to help ensure you don’t find yourself defaulting on your mortgage or other bills. Whether you have lost a job, have an illness or needed to buy a new car, a remortgage is a very good option.
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