In 2016 we remortgaged our property. With the Brighton house market constantly rising and with a freelance career starting up again after 2 lots of maternity leave a remortgage seemed our best course of action. We had quite a lot of equity in our property and this meant we were in a financially comfortable position to remortgage rather than being stretched too much by a new house purchase and moving costs.
However it did bring up a few things that we will be thinking about before we remortgage and eventually move.
Firstly – look at your finances and start paying off any debt you owe. You’ll want your credit rating to be the best you can get it to before you apply so you’ll want and you can check this out for free online at Clearscore. This takes at least 6 months to start changing so think about what you can do to save on the debt and stop putting it off. Build that credit rating up!
Finally – try and make some sense of mortgage and property terms. Fixed and variable rate mortgage may not mean anything to you now but they need to, as should terms of contract and why you need a solicitor. You need to think about repayment penalties. If you are paying a mortgage off early then your current lender may charge you a set percentage. It is always worth fishing the paperwork out and checking what your terms were again.
Have you thought about remortgaging and staying where you are instead of taking that next step on the property ladder? Let me know how it is going for you!
If you are looking for some fab advice on remortgaging from Habito than watch this video 🙂
This blog was bought to you in conjunction with Habito which is an amazing online mortgage broker platform aimed at making your life easier!