Spring Clean Your Finances - How Remortgage Can Save You Money

Published: 14/05/2018

Spring is here and with that usually comes a good old-fashioned clean out of the home, office and even car. But what about your finances? The season is as good a time as ever to also sort out your financial state and work out ways to save more money, so you can truly enjoy the summer time which, believe it or not, is just around the corner!

Many of our clients tell us that remortgage is the best thing they have done to help them save some valuable funds. We definitely concur! And, with interest rates expected to rise at least twice this year, it is better to consider remortgage sooner rather than later.

What is Remortgage?

In simple terms, a remortgage is when the owner of a property changes from one mortgage lender to another, or opts for a different deal, with the same lender. It doesn’t involve moving house, the new mortgage is secured against the same property.

Nowadays, more people than not decide to remortgage at some point. Indeed, it was recently reported that remortgage is at all-time record high. Clearly, the days of being stuck in the same mortgage forever are behind us! This is definitely a good thing.

Why Remortgage?

The main reason property owners decide to remortgage is to save money. By remortgage, home owners can lock in a much better rate or a deal with terms better suited to their current situation.

Some other reasons people decide to remortgage include:

  • To reduce the interest rate on your mortgage
  • To fix your monthly payments and protect against possible future rate rises
  • Raising money to carry out home improvements
  • Raising a cash lump sum by releasing equity from your home
  • Consolidate your debts

An example of smart remortgaging

More homeowners are deciding to remortgage so they can use the extra money to renovate their properties, to make more money on them later. This is just one example of how you can ultimately save and make money through remortgage.

If your property is in a desireable or growing area, it could soon be worth a lot more than however much you purchased it for. It could really make sense to renovate it, so when you decide to sell, your profit return will be great.

By locking in a better mortgage rate, you could have the funds left over to do just that.

In fact, a recent article why Which? claims more homeowners than ever are choosing to renovate through remortgage. Read it here

Why remortgage right now?

In simple terms, the bank rates are probably going up. People who are on a SVR (a standard variable rate) will need to remortgage their properties to get back onto a fixed rate. While there is no guarantee the rates will in fact rise, it can’t hurt to look into your/for your client to look into their options as a precautionary measure.

Why should you remortgage with GWlegal?

Our remortgage team has more than 70 years of experience between them!

Your case will be personally handled by a true expert in the field.

GWlegal also has a five-star Solicitor.Info score based on positive client reviews.

GWlegal also offers:

  • Fixed costs (no hidden fees)
  • 24/7 access to your case and any milestones on our app
  • Milestone updates are now emailed/texted straight to you and your mortgage broker
  • Regular updates by phone and/or in writing from our friendly staff
  • The peace of mind that comes with choosing a solicitor with over 30 years experience

Who are GWlegal?

GWlegal are a property solicitors based in Liverpool, specialising in buying or selling, remortgage, declaration of trust, bridging and buy-to-let landlords.

If you have a legal matter you wish to discuss don’t hesitate to get in touch. You can call us on 0345 373 3737 email us hello@gw.legal with your question.

Who are GWlegal? We’re a national firm with local values.

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Content correct at time of publication.
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