Remortgaging to restructure your finances

May 20, 2013

Recent statistics from the Bank of Scotland show that a third of homeowners in Scotland would consider remortgaging their property if they saw potential to save money. The research suggests that Scottish residents could make a monthly saving of £135, and that one in five people with a mortgage are confident 2013 will offer better mortgage deals.

If you’re starting to feel the pinch where your monthly mortgage payments are concerned, it’s possible that remortgaging your property may offer you a solution to restructure your financial situation and avoid getting into further debt.

When switching the mortgage on a property you already own, there are two routes you could take, dependent on the reason for remortgaging your home.

Perhaps you need to release equity from your home in order to repay back significant debts. If your home has risen in value since you bought the property, this could be a feasible option to avoid further debt problems in the future.

Alternatively, you might simply be struggling with your current mortgage payments and looking for a better deal. In this case, switching to a lower rate mortgage on your outstanding balance could free up that spare cash to avoid falling into debt or to simply pay off those smaller debts before they get out of control.

All remortgaging strategies can be subject to arrangement fees, so it’s important to check exactly what you’ll need to pay. It’s often possible to add this onto the monthly payments, but any fees added onto the repayments will incur interest, so ensure your calculations are all correct before moving forward with a new mortgage strategy.

Remortgaging can be complicated and it’s always important to speak to someone impartial to discuss whether it is right for you. Equally, there could be another debt solution you haven’t considered which is less risky and just as effective for your financial situation. Why not contact our experienced advisers at Scotland Debt Solutions for impartial advice on whether remortgaging your home could help you?

John Baird

Insolvency Adviser

Tel: 0800 063 9250

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