For a Wedding
Although wedding expenses vary depending on the couple in question, some surveys suggest the average wedding day costs approximately £20,000.
A quarter of couples borrow money to fund their big day, either taking out loans or putting their wedding expenses on a credit card. However, there is another option that’s growing in popularity. An increasing number of couples are choosing to remortgage their home in order to slash their expenses or free up equity to be spent on their wedding.
If you’re looking for cash to pay for the venue, the caterer and the dress of your dreams, here at TaylorMade Finance, we can help. We’ll help you to remortgage your property and free up the money required to make your day extra special. There are two main ways remortgaging can give you the money you need:
Remortgaging to free up equity
If you need fast access to the cash for your wedding, remortgaging to free up equity could be the solution for you. You’ll borrow against the value of your home by taking out a new mortgage that is larger than your current loan. Over the duration of your mortgage, this will cost you more in the long run because you’ll owe interest on a larger sum.
Thankfully, with our help, you can be sure that you’re getting the best deal for your circumstances. We’ll guide you through the whole process and compare hundreds of products before highlighting the ones that are the most cost-effective.
Remortgaging to reduce expenses
You may choose to remortgage your property to reduce your expenses. By switching your current mortgage deal for one with a better interest rate, you could lower your repayments and free up more of your income to be saved towards your wedding. Alternatively, you may choose to lengthen the lifespan of your mortgage and pay off the loan over a longer period of time. This will reduce your monthly outgoings while increasing the amount of interest you pay.
Before making the decision to remortgage your home, make sure you know exactly how much it will cost. Here at TaylorMade, we’ll notify you of any fees and charges associated with remortgaging your property.
TAYLORMADE TOP TIP
Schedule in a reminder at least 3 months before your current mortgage deal is set to expire. This will give you time to shop around and get your remortgage application completed in time for you to switch to a better deal. If you leave it too late, you may automatically be moved onto a potentially expensive standard variable rate (SVR).
Need more information?
Looking to learn more about any of our specialist services? If there’s anything you’d like to know in more detail, or you’d simply like to discuss your specific circumstances with one of our mortgage advisers, you can do so simply and easily.
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