The housing market and the sector as a whole has seen a lot of fluctuation over the last couple of months because of the effects of the coronavirus outbreak and one effect is that remortgage applications have risen dramatically by 110% year on year.
The pandemic and subsequent lockdown has led many homeowners to reassess their financial situation and one of the biggest outgoings for people is their monthly mortgage payments. So it makes perfect sense that as people come to the end of their fixed-term deal, they’d want to reassess their current mortgage situation.
Remortgaging can save households around £300 per month on average and that extra cash can come in handy, especially as households find themselves under immense pressure.
Many homeowners have turned to DIY and garden projects during lockdown as they finally have the time to tackle those home projects they’ve been meaning to get around to. And to free up some money to fund these projects, remortgaging is a great way to raise some extra capital.
Remortgaging can be a great way to consolidate and pay off debts if you have various different debts with different interest rates. Benefits of remortgaging to consolidate debt:
- Reduce your overall monthly commitments.
- Pay one single low interest payment per month instead of multiple payments.
- Reduce interest rates on credit cards, store cards, overdrafts and loans.
- Easier debt management with one monthly payment.
- Your credit rating isn’t affected
Get help from a mortgage broker
Whatever your reasons for wanting to remortgage, we can help.
As mortgage brokers in Manchester, we can provide you with
expert remortgage advice and can search the market to ensure you get the very best deal and can hopefully reduce your monthly outgoings.
With remortgage applications increasing, it’s a good idea to act sooner rather than later as remortgaging can take time and lenders will be extremely busy. Remortgaging can take up to eight weeks under normal circumstances but could take longer with the recent remortgaging rush.
Contact the TaylorMade team to get started.
