To remortgage your home you will need to take into consideration how much you are paying on your existing mortgage, and how much you will need to borrow to extend your house.
It is important at this stage to get a rough idea of how much the monthly repayments could be and add these to your monthly mortgage payments, to make sure that you can afford the increased costs of living in your home.
You will also need to consider any fees which might be involved when remortgaging your property, these figures will also need to be taken into account. The best thing to do at this stage would be to contact an Independent Financial Advisor, as they can access mortgages from across the market place.
Other reasons why you might also consider applying for a remortgage is so that you can to release some of the value build up in your property for other spending, or paying off debts.
By remortgaging you could find a cheaper deal and keep the payments the same so that you can be mortgage free sooner. You could also extend the term of your mortgage, to reduce your monthly payments, but be careful as this could end up costing you more in the long run.
If you are looking at applying for a remortgage, or would just like some Independent advice, then why not give one of our team of IFA’s a call.
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Services Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE.
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