Is It Time To Remortgage?
2 minute read
If you have at current mortgage and maybe have an introductory rate coming to an end or possibly looking to raise additional funds for things such as home improvements, remortgaging may be an option.
With an 8% increase in demand for mortgages fuelled by the stamp duty holiday, with limits for this reducing on 30th June, and lenders looking to make up for lost time during the pandemic, now could be a good time to explore the best opportunities, and potential savings, a remortgage could provide.
Recent research indicates that property prices have risen in the last year, and this could provide a better loan to value and in turn a more attractive interest rate.
Before committing to a new deal on an existing property, homeowners should consider their present and future lifestyles; do they intend to move within a given period for job changes, to accommodate a growing family, or to downsize? Are they planning home improvements to meet current needs, and/or to add value to their existing property when eventually put up for sale prior to a move? Remortgaging could assist with funding major refurbishments.
However, whether for the short or long term, any renovations are recommended to be done to a high standard ideally by professionals, to protect your own interests. Prior to commissioning any works, it is useful to refresh your own ideas by checking out style changes made within your neighbourhood. An explosion of builders’ vans and skips are an indication of local gentrification. Estate agent websites will also provide a glimpse of which improvements proved the most successful in terms of resale value and the speed of a sale.
It is not sufficient to simply repaint the walls: wooden floors instead of carpets, and open plan kitchen/living spaces are still very popular, with folding doors leading to outside space. However, the latest innovation is demand for dedicated office space, achieved by converting a loft or garage, extending a property or building a summerhouse. Rows of bookshelves and houseplants are essential according to zoom interviews with ‘experts’ on the TV!
Financial decisions are best made with appropriate advice and our team at Just Mortgage Brokers would be pleased to guide you through the most appropriate remortgage options to suit your personal circumstances and ambitions.