If you’re considering remortgaging your home in Liverpool or around the North West, it’s important to know the facts. First of all, what is a remortgage? And why do people remortgage? How often can you actually remortgage your home?

At LTC Mortgages, we’re here to help. We’ve put together a handy guide for remortgaging in Liverpool, answering all the main questions you may want to ask. Read on to learn more about remortgaging in Liverpool.

What is a Remortgage?

A remortgage is the process of paying off your existing mortgage with the proceeds of a newly acquired mortgage – which means you’ll use the money from a new mortgage to pay off your existing mortgage while using the same property as collateral.

In 2022, there are a wide range of options at your disposal for remortgaging in Liverpool, whether it be a shorter-term mortgage or a long-term mortgage. The mortgage rates available to you can vary from person to person and lender to lender – however, it will often depend on your credit history.

Why Remortgage in Liverpool?

There are many reasons why you may wish to consider remortgaging in Liverpool – and in this section, we are going to discuss some of the main reasons.

From consolidating debt to funding home improvements, here are the three main reasons that people in Liverpool remortgage their homes.

To Consolidate Debt

One of the main reasons that people remortgage their homes is to consolidate unsecured debts, merging their outgoings into a simple monthly payment that is easy to manage.

However, this isn’t the right option for everybody. Remortgaging to consolidate debt will expand your debt to match the span of your mortgage term – which means you’ll be paying back a higher amount. However, generally speaking, the longer the mortgage term, the more manageable the monthly payments.

If you’re considering remortgaging to consolidate existing debt, then be sure to chat with a quality mortgage advisor.

Because There’s a Better Deal

If you’re coming to the end of your current mortgage deal and don’t take action, you’ll end up on your lender’s SVR – standard variable rate. SVR interest rates tend to be much higher than your initial mortgage rate, which means that your mortgage payments will increase at the end of your term.

However, if you can find a better deal in advance, then you’ll be paying less. The best time to remortgage in Liverpool is when you’re nearing the end of your term, as you won’t be faced with exit fees or early repayment charges. At LTC Mortgages, we can find the best remortgage deals for you.

To Fund Home Improvements

At LTC Mortgages, we’ve helped many people afford necessary home improvements by releasing equity from their homes. From home extensions to remodelled kitchens, remortgaging can free up the funds you need to afford such improvements to your home.

There are many lenders out there that would be happy to help you fund your home developments – however, some lenders will need to see quotations for the work being completed. If you need funds for home improvements and want to remortgage, contact our friendly team at LTC Mortgages.

How Often Can You Remortgage in Liverpool?

Regardless of whether you’re based in Liverpool or elsewhere in the UK, you can remortgage your home any time you like. Technically, there are no limits on how many times you can remortgage.

However, that doesn’t mean you should remortgage whenever the chance arises. You should consider early repayment fees, which can make the decision not worth it.

The best time to remortgage in Liverpool is when you see a better deal near the end of your current mortgage term.

However, it still may be a good idea if you find a significantly better deal – but be sure to do the maths and factor in early repayment charges or exit fees. We can let you know the right time to remortgage in Liverpool.

Finding The Right Liverpool Mortgage Broker

At LTC Mortgages, we have over a decade of experience in the industry and have developed extensive knowledge of the processes involved with remortgaging, and have made connections with countless lenders in both the local area and around the UK.

If you live in Liverpool, you can take advantage of our quality advice about remortgaging in Liverpool – and we can find the best remortgage deals for you and your circumstances. Our mortgage and house purchase advice can not only get you the best deals, but protect you from unwanted fees, charges, and penalties.

If you live in Liverpool, you can take advantage of our quality advice about remortgaging in Liverpool – and we can find the best remortgage deals for you and your circumstances.

Our mortgage and house purchase advice can not only get you the best deals, but protect you from unwanted fees, charges, and penalties.

Contact our Liverpool Mortgage Brokers today to learn more about the remortgage process, for a free initial consultation, and to get the ball rolling on your remortgage today.