It’s fair to say that getting a mortgage is one of the biggest financial undertakings of your life – so much planning will go into making the commitment that the thought of addressing it again could eclipse the opportunities to be had when you consider remortgaging your home. What’s more, while you might think it’s difficult to switch your mortgage, once you work with a remortgage property solicitors to understand a few key benefits, you’ll be able to save money and pay off your debts much faster than you ever could have expected.
Our legal team has years of experience working with clients in all matters financial, so to help get you up to speed, we’ve put together this handy remortgage advice guide. That said, many customers are seeking to avail of lower repayments due to a reduction in rates right now. If you prefer to get right down to business and find out exactly how our remortgage property solicitors can help you, we’ll be able to sort out your plan just as soon as you pick up the phone and give us a call: (01) 454 5000
Remortgage Property Solicitors Guide: Why you should remortgage
Your current deal is about to expire
If you got a particularly good deal on your mortgage, chances are that the benefits that attracted you to it only apply very early on in the course of your repayments – then, once you reach the five, four or even two-year mark you’ll discover that you’re subject to the same variable rates that many other people experience.
Be aware of when you’re coming up to the end of this initial period so you’ll know when to shop around for a better bargain. A few months prior to the change of rates, you should start googling what other choices are out there and get in touch with good remortgage property solicitors who can advise on which is the right one for you.
You want to get another loan
Getting the best loan possible is not always a straight forward matter. Your current lender might say no to your request, or if they are receptive they still might not offer you a fair deal. In cases like these, switching your mortgage to another organisation could allow you to raise the funds you require on much lower rates.
Just be conscious of the fact that you might have to answer a number of questions regarding what the money is to be used for. You will also be expected to provide evidence of your intent.
And most importantly, always remember what our remortgage property solicitors say: It’s just as essential for you to be wary of the lender. Afterall, it’s easy to get lost in all of the fees that occur in the course of the deal, so make sure you work with a professional advisor who can guarantee you’re making the best financial decision possible.
It looks like your interest rates will go up
You don’t always have time to keep an eye on the financial happenings at your bank or with your mortgage, so it’s easy to get spooked when you hear about somebody who’s going to be getting much higher interest rates than you. Often, this is simply a case of newer customers being offered different deals. However, it is not unheard of for base rates to go up and for your mortgage to be affected.
If you do happen to hear that the rates at your bank will be increasing, make sure to investigate other lending organisations and find out whether they can offer a better long term deal for you.
The value of your home has increased
The Irish property market is always changing. If you live in an area with a high demand for housing, or if you’ve had a lot of remodelling done, the value of your property might have increased dramatically, in which case switching your mortgage could be well worth your time.
This is because with the shift in value you could now be in a lower ‘loan to value band’ that entitles you to much lower rates. There’s a bit of maths involved in weighing the value of your property alongside the available mortgage options, so it’s always good to get a second pair of eyes on the choices involved. That’s why it’s handy to work with our remortgage property solicitors.
You’d like a more flexible deal
As you look at the years ahead, you begin to see that the life you planned when you agreed to the terms of your mortgage is not exactly what you thought it would be. Perhaps you’d like to go back to college, take a trip around the world, or just enjoy a more generous budget on a week to week basis.
Many mortgages will be quite strict about lessening your payments, or even allowing you to take a brief break from them: but there are competitive options to allow a deal that is much more flexible.
Of course, the opportunities that banks and lending organisations allow don’t last forever. Keep an eye on what deals are out there and talk to a team of remortgage property solicitors if you want a brief run down on what options are available to you right now.
Anthony Joyce Property Remortgage Solicitors: Call us now for all the advice you need.
There is no blanket advice we can give to people who are looking to switch their mortgages other than to do your research and talk to an objective professional who has extensive experience in the field. The main thing you should be aware of is the conditions of your current mortgage. After that, all you need to remember is that once you make the decision to remortgage your property, the process is actually incredibly easy.
Ready to get the ball rolling on your remortgage? All you have to do is contact our remortgage property solicitors and we can get working on yours today: (01) 454 5000