5 Signs It's Time to Remortgage Your Manchester Home

The vibrant property market of Manchester offers exhilarating opportunities for homeowners. But how do you know if it is time to capitalise on the equity of your home and explore remortgaging? As your go-to remortgage advisor in Manchester, Identityfs wants to bring to your notice five signs that a remortgage might be the key to unlocking your financial goals.

● You are paying a higher rate of interest

Over time, the rate of interest can fluctuate significantly. If you have secured your current mortgage many years ago, there is a good chance you might be on a higher rate of interest than the deals available at present. By remortgaging, you might get a lower rate of interest and it will translate to significant savings on your monthly repayments. Hence, your valuable cash flow will be freed up.

● Your financial needs have changed

Life can throw curveballs at you when you least expect it. Your financial needs might evolve since the first time you have purchased your home in Manchester. Maybe you are planning to renovate your home or need to help your children pay off their debt. A mortgage will allow you to access additional funds that can be secured against the increased equity of your home.

● You crave more flexibility

Do you want greater control over your finances? Remortgaging might be the best solution. This might include a variable-rate mortgage for potential future savings, a fixed-rate mortgage for peace of mind, or a product with features like the ability to overpay without penalty.

● The value of your property has increased

In recent years, the property market in Manchester has witnessed a steady growth. If the value of your home has significantly increased since you have bought it, you may have built up a lot of equity. By remortgaging, you will be able to leverage your equity and unlock additional borrowing power.

● Your current deal is finishing soon

Have you found yourself on a fixed-rate introductory period with your current mortgage? When this period’s end is near, the rate of interest is likely to revert to a higher standard variable rate. Before this happens, you can remortgage so you can secure a new fixed-rate deal. This is going to mean potentially lower monthly payments.

The bottom line

Are you seeing the signs mentioned above? If so, remortgaging might be the best decision for you. As a qualified remortgage advisor in Manchester, we can help you explore your options and even compare deals from different lenders. You can trust Identityfs to guide you through the process.