I saw a worrying report by TSB very recently. This is the bank that once would say “yes” and now say they can help people make life more. I am not sure what that means, but their survey was interesting.
It claims that a whopping 9 in 10 people but now say that they had not considered moving lenders to save money. Now this might be that a lot of people hadn’t considered it simply because they are currently tied into a fixed rate. However, 25% of homeowners claimed that they would find the task of securing a new rate too stressful or daunting. Well, that is why mortgage advisers like We Are Money exist, as we are here to remove that stress and ensure that consumers o not become overwhelmed by all the product choices, jargon and the whole mortgage process.
Stay or not
A further 14% said remortgaging takes too long and they wouldn’t know where to look for a new deal. Well, the answer is that remortgaging does not take too long and quite often it makes sense to stick with your existing lender. It all depends on your circumstances and the deals that exist in the market.
Independent mortgage advice is the answer. Companies like We Are Money exist by ensuring consumers get the right advice and don’t pay more than they need to for their mortgage.
Can I Remortgage To Extend My Property?
Anecdotally, property extensions and modifications seem to be on the rise. I often get asked if it is possible to remortgage to raise more money to extend. The answer is always that it will depend on your circumstances. Can you afford to borrow more? How much do you want to borrow? Are you aware of any charges on your existing mortgage if that was paid early?
It is most certainly possible to remortgage your home to make enhancements like a new kitchen or bathroom, or to make it bigger. As ever, the first thing to do is speak to an independent adviser like We Are Money.