Advances on your mortgage; remortgages
Hillhouse Mortgages offer a little advice on mortgage advances and remortgages.
Further Advances On Your Mortgage
Once you have been in your home for a few years, you might think about making major improvements. One way to raise money for home improvements is to add a further sum to your mortgage: this route, known as a further advance to your mortgage, is often the cheapest and easiest option.
Remortgages
Currently more and more homeowners change lenders to take advantage of a better mortgage deal. The savings may outweigh the costs incurred. This is known as remortgaging. It is important to check with your current lender what charges you might incur before moving your mortgage.
Your Hillhouse adviser can assist with both further advances and remortgages, and will be happy to detail different schemes available and set out for you potential cost savings.
What to do in financial difficulties
It is vital not to over commit yourself, either by taking on too large a mortgage or by incurring other debts. If you do find yourself falling behind with mortgage payments contact your Hillhouse adviser at once. Your adviser will contact the lender to find ways to overcome the difficulties so you avoid losing your home. If you are concerned about this, your Hillhouse adviser will be able to help you plan a sensible budget.