The number 1 reason to re-mortgage your home is simply to save yourself a fortune. Every year, homeowners refuse to explore the possibility of switching their mortgage or re-negotiating terms with their existing lender, as they do not want to deal with the hassle. This is a fair point, we all have to deal with the strenuous obstacles and stress that life has to throw at us, however saving hundreds of pounds each month will certainly help eradicate some of that stress.
Think of it in terms of an every day appliance like a contract mobile phone. Consider that your monthly bill is £40, and for that you get a selection of features. If another network approached you, offering the same deal with no cost to change, only at £20 a month, then surely everyone would swap companies. Its the same with re-mortgaging. Mortgage lenders are so hungry for your business, that they are willing to buy you out of your current mortgage, for no extra fee, and then offer you a rate that is cheaper than you are already paying. By not switching mortgages, you are effectively turning down the offer to halve your monthly outgoings. Most money-saving experts estimate that half of people in the country who are borrowing, are paying over odds.
Once you get the calculator out, you begin to realise how substantial the savings behind re-mortgaging can be. Most mortgage lenders offer significant improvements on rates, drastically decreasing your monthly payments. For example, imagine that you have a mortgage of £200,000 on a house, a pretty standard investment in the current housing market. Now imagine, that a different lender offers you a 1% savings cut in interest. This small 1% reduction, would save you around £160 per month, a huge difference when calculating your overall expenditure.
Re-mortgaging can also be an effective tool in creating money at a time when it is most needed. Were all familiar with the cliche, We will have to re-mortgage the house, referred to in times of desperation or financial uncertainty. If your property has risen in value since your purchase, re-mortgaging can loosen a sum of money to fund a one-time expense, or ease money woes in a tricky period. This can be an ideal way to raise money to cover the costs of a wedding or childs university fees.
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