Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
So you already own a property, but are you getting the best deal? Is your fixed rate about to expire? Is this a good time to increase your borrowing to make those home improvements? Or maybe you would like to consolidate some debt rather than keep paying those high credit card interest rates?
At JPN Mortgage Solutions we can guide you through all of these options and plenty more to make sure you are getting the best value for money possible with your mortgage.
It is worth noting that a re-mortgage isn’t always the most suitable option. Sometimes any saving made by securing a cheaper interest rate can be outweighed by the fees incurred in setting up the new mortgage and converting unsecured debt to secured debt may not be in your long-term interest.
If you plan to switch mortgage, remember to look at the overall repayment period too. You may be able to pay less monthly, but check the final repayment date of the mortgage. It may be longer than your current deal.
You may be able to find a new mortgage deal with your current lender – and it may even work out cheaper to do so.
In fact, many lenders allow you to switch your mortgage deal quite frequently.
Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable. You may have to pay an early repayment charge to your existing lender if you re-mortgage.
This article (Re-mortgages) is intended to provide a general appreciation of the topic and it is not advice.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE