If so, you could be paying out more each month than you should - fortunately it is possible to reduce your monthly outgoings by means of a re-mortgage.
It's easy to repay your existing mortgage and also consolidate any loans and credit card bills into one convenient monthly payment.
You can also raise money for any purpose, for example: home improvements, new car, holiday, school fees, second home, virtually anything.
Remortgaging will definitely enable you to cut costs considerably and also is an ideal way to partake of equity withdrawal. Equity withdrawal is when you take money from the increased value of your house. For example if you buy a house for £100,000 with a 100% mortgage; after 10 years your house might have increased to £180,000.
This represents an increase in your wealth equivalent to £80,000 however at the moment this is just a paper profit and is not any use unless you were willing to sell the house. As this is something most people are reluctant to do, the best option is a remortgage.
Therefore you could go to a mortgage lender and ask to get a mortgage for say £180,000. this means that they will lend you £180,000 but the house only cost £100,000 so you could raise £80,000 cash which you can usually use for any purpose.
For most people, their mortgage is their biggest financial commitment. And it follows that streamlining the largest debt can produce the largest saving - sometimes £1,000s each year. If you're the kind of person who shops around to get the cheapest television or mobile phone contract, then you're missing a trick by not using the same skills to save money on your mortgage.
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