The remortgaging process is designed to help you free up cash and get better mortgage terms. However, that doesn’t mean that you can walk into it lightly without thinking about all of your options. You just need to make sure that you’re staying as focused as possible. That’s the name of the game, when you really think about it. Gone are the days where you could just hope everything will fall into place. If you’re really serious about getting things done, you will have to make sure that you’re fighting as hard as possible to get where you need to go.
Ultimately, that’s the real name of the game here. You want to make sure that you’re thinking carefully about everything that could come into play from here on out. You want to be sure that you’re thinking about whether or not you should increase your mortgage term. The truth is that your mortgage term is where a lot of your interest comes in. If you’re not thinking about that, you could end up paying a lot more in interest than if you had a smaller term. Unfortunately, most people are just thinking about their mortgage payments every month. The reality is that if you walk into the remortgaging process with this attitude, you are going to pay a ton of money compared to if you just left your term the same or even shortened it. It’s completely up to you to figure out which direction to take.
It’s never a bad idea to make sure that you’re running through the numbers on your own. Yes, your mortgage lender will want to encourage you to take on a longer term because they will make more money in terms of interest. However, you have to step back and remember something. Every financial decision that you make really does affect your family. So if you’re not ready to put things in motion, you need to back and let yourself “cool off”. Far too often we get into the middle of a deal and think that we have to make that deal work no matter what.
That’s going to be a bad idea in so many different ways. You’re much better off ensuring that you’re thinking about the way the numbers should honestly be. Otherwise, what’s the real point in doing anything? You’re just going to make your life harder than ever before, and who really wants to do that?
It’s important that you get things off the ground right now. Talking to an independent financial adviser can be the best way to get things started, but it’ll be ultimately up to you to figure out whether you want to purse the remortgaging or not. If you don’t, then you can always change your mind later, or when more favorable terms come up. Good luck!