Remortgaging your home.
Remortgaging your home is an important task when you own a home and it is important to ensure that you are utilising the most cost-effective solution available.
A lot of people believe that switching with your current lenders is the cheapest and easiest way of re-mortgaging but with some lenders offering free valuations and legal fees we beg to differ.
Here at CFM Financial Planning in Surrey we are committed to ensure that you are on the best deal that’s available to you and spend hours researching the marketplace for our customers.
As consumers we have been conditioned to look at mortgages with the cheapest rates but there are other specialist aspects to consider and this is where we come into our own!
There are various reasons people want to re-mortgage but some people have never considered the possibilities available to them. A re-mortgage can give you the opportunity to release money from your home to make home improvements, build that summer house or even gift a deposit to one of your children.
The possibilities are endless, and this is your opportunity to talk to us and explore your options.
Please see below the various reasons why clients have decided to remortgage with CFM Financial Planning. All of these were arranged based on the client’s individual circumstances and should serve as an example only. We are on hand to discuss the endless possibilities and see if your circumstances are sufficient to progress with your exciting plans.
Home Improvements.
Over time the equity within your property should increase, particularly if you are on a repayment mortgage. This means that there could be more equity within your property to build that extension, undertake the loft conversion or add the conservatory you have been promising yourself.
A Better Rate.
Within the mortgage markets there are hundreds of opportunities to switch to a new lender. This can sometimes lower your monthly payments whilst keeping all other aspects of your mortgage the same.
Lowering the term.
Your circumstances may have changed since you first arranged your existing mortgage and you may now find yourself with a higher disposable income. This can sometimes mean that you can lower the term of your mortgage and increase your payments meaning that you could potentially save thousands of pounds in interest payments and be mortgage free at a younger age.
Increasing the term.
You may find that your disposable income is lower than it was when you first arranged the mortgage and there are several reasons for this. A client of CFM gave birth to twins and due to the increased costs of childcare fees and every day costs they found their purse strings stretched. They contacted us about this and their circumstances meant that they could extend their mortgage term, lower their payments and ensure that they were more comfortable with the lower gross domestic expenditure.
Releasing Equity.
You can release equity from your home for several reasons and these can vary significantly. A client of CFM recently re-mortgaged their property to release funds to pay for their daughters dream wedding whilst others have released equity for university fees, holidays, cruises and even to purchase a classic car.
Property Purchase.
You may find that there is an opportunity for you to release equity to purchase another property. You may have been waiting for the right investment property to become available to the market or maybe even buy your dream holiday home in your favourite seaside town.
Switch repayment method.
There could be an opportunity with lower repayment mortgage rates to make the switch from interest only payments to a repayment strategy. This effectively means that you can start growing the equity within your property and lowering your mortgage amount.