Many people decide to stay in their current property instead of moving home. This is when they will look at remortgaging in York to proceed with their mortgage journey.
The option to remortgage can be perfect if you are looking to remain in your current property in York with more pleasing interest rates. The way it works is by transferring from your existing deal to a more appropriate deal. With many years of providing open and honest mortgage advice in York under our belts, our team of knowledgeable mortgage advisors in York are here to help.
Usually, the banks rely on their customers being unaware of the fact that they can shop around for a more appropriate deal. This can result in many people missing out on the cheaper deals that may be out there. By having one of our expert remortgage advisors in York by your side who can help you compare deals, you can be sure you are on a competitive deal that is right for you.
You could seek better deals through a comparison site, however, these only find you the best deal on an interest basis.
If you have been on your current mortgage deal for a while, you may be able to go on a low Bank of England tracker deal. In some cases, you may be paying less than 1% in interest which suggests that it may be best for you to stick with that mortgage deal. One issue with this is if the base rate rises over time along with your payments.
This is a possibility, however, it all comes down to whether you can pass the affordability assessment and you have an efficient amount of equity in the property. If this is an option you are interested in pursuing, you may be able to increase your remortgage to fund these future home improvements.
If you decide to go for the option of remortgaging for home improvements on your property in York, this will provide you the opportunity to give your home a makeover which could increase the price of your
property. So if you are looking for financial support with updating your kitchen, converting a loft or creating a home office, remortgaging could be the option for you!
Not only can you borrow more money for home improvements, but you may have the option to borrow additional funds for other things such as:
Increasingly building on debt to your mortgage is not a good idea. It will result in you having to pay back more interest altogether by extending the term of your debts to make the payments manageable.
This route would involve you taking debt, which is not secured, and securing it on your home. This is a major risk and could involve you having your home repossessed. One problem that could happen would be consolidating debts that you can afford or credits that are 0% interest.
This is just another reason why it’s important to get in touch with an expert mortgage advisor in York before securing any debt against your home. There may be an option for you to reduce your outgoings to avoid missed payments. If you decide to take this route, you will be reducing the risk of your credit rating being in a bad state.
You may that the lender would offer a “Product Transfer” or “Retention” product. This gives you the opportunity to stay with your current lender who will provide you with a new deal. Keep in mind that this option isn’t always guaranteed, however, there is no harm in contacting your provider to see what is available to you.
Usually, some lenders will allow you to make a product switch online without needing to get further information or advice.
As much as sticking with the same provider and just switching products seems like the simpler option, you may save yourself more money if you put forward a new application to a different lender.
In many cases, banks would offer favourable rates to new borrowers over existing ones. As a mortgage broker in York, we hope there will be a point in the future when lenders will take a more ethical approach that could have a positive impact on customer loyalty.
Date Last Edited: December 22, 2023