Remortgage Advice in Doncaster

As you start to reach the end point of your initial fixed period for your mortgage in Doncaster, you’ll need to weighing up the routes you might take next.

We generally find that people will look to obtain a Remortgage, as once you have reached this point, you will be switched automatically onto your lenders Standard Variable Rate, something that is less than ideal for many customers.

The reason for this is that the interest rate for an SVR will usually be greater than your initial fixed period, which means your monthly mortgage repayments will be increased.

It’s because of this that seeking Remortgage Advice in Doncaster is a popular choice amongst homeowners.

We have worked hard to serve as a guiding light to all kinds of different and unique customers when it comes to releasing equity from their homes to fund any home improvements.

People usually do this when they’re looking to start work on large planned improvements, such as a home extension, a new kitchen remodel, or a converted loft.
If you are looking at the potential routes for releasing a large amount of equity to help cover the costs of any new home developments, such as an extension, there are is a strong selection of mortgage lenders who may ask you to show any quotations you’ve been given for the costs of the work that will take place.

Some homeowners look to consolidate any unsecured debts into your mortgage, as taking this path allows you to merge all your outgoings into a manageable monthly payment that will remain the same for the length of your term.

Please remember though that doing this will extend your debt over the duration of your mortgage term and by the end of it, you’ll have paid more back overall. There’s lots for you to give some thought prior to going into debt consolidation.

With this in mind, it is absolutely recommended that you speak to a Mortgage Broker in Doncaster before you look at securing any debt against your home.

You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.

Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.

If you co-own a home and are looking to remove a name from the mortgage, this can be achieved by taking out a remortgage in Doncaster.

Even if you choose to stay with the lender you’re currently with, you’ll find yourself going through a similar process. The reason for this is because the lender needs to have confidence that the person who is on the mortgage can afford the payments and has good credit.

For more information on any of the above scenarios or to gain a deeper understanding of Remortgages, feel free to go have a look at our Remortgage guides section.