There are plenty of reasons why you might consider remortgaging your home in 2020. Some go through the process because they are looking for a better rate while others are simply dealing with a mortgage that is about to end.
Remortgaging your home can be beneficial in a number of ways but it isn’t always right for every type of homeowner. Below, we look at 5 things that you should consider before going ahead with the process.
Changing Your Deal
One of the main reasons why homeowners look to remortgage their home is that they want to find a better deal. There are often better deals out there and you could secure one for yourself that could put you in a better financial position. You should consider the alternatives out there if you are thinking about remortgaging.
When You Began Your Mortgage
The earliest you can remortgage your home is after 6 months with your current lender. So, if you are still in the early stages of your mortgage, this might not be right for you. However, if you are past the 6 months, you can move ahead with the process. On top of that, you can remortgage as often as you like, as long as it makes sense financially.
It Takes Time
If you are looking for a quick fix, you should be aware of the time it takes to process a remortgage. You’ll find that you will need to wait between 4-8 weeks for the process to be complete. However, this can increase depending on the demand and any issues with the lender. Remember that you’ll be locked into a deal for years so you won’t want to rush into things.
Increasing The Overall Cost
It is important to be aware that remortgaging your home can increase the overall price that you will pay. You are not reducing the cost; you are simply stretching it out and there will be additional interest to pay. But, if you find the right deal, you could reduce your interest rate and come out with a better deal.
Consolidating Debts
If you still aren’t sure that remortgaging your home is right for you or not, you should consider the fact that it allows you to consolidate your debts. Having debts that are owed to a number of creditors can be tricky to handle. For those struggling to deal with this, remortgaging a home can be a great option.
Is It Right For You?
If you have come to the conclusion that remortgaging your home is right for you after reading these points, you shouldn’t delay. At GPD Mortgage Solutions, we can help you find the right deal and make the process easy to follow.
Make sure to get in touch today or learn more about our remortgaging service here. A member of our team will be happy to help you get on the right track this year.
