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Three Undeniable Reasons to Have Your Property Remortgaged in Edinburgh in 2020

With the 2019 novel coronavirus continuing its killing spree across the globe, including the UK, many homeowners in the country are left wondering if now is a good time to opt for a remortgage in Edinburgh.

The answer is a big yes! As per a market study published by Virgin Money in 2019, there are a whopping seven hundred fifty thousand mortgages in the first six months of the previous year alone. The report also stated that about one hundred eighty-five thousand households turned out to be first-time re-mortgagers in 2019, suggesting a 10% increase when compared to last year’s figures for the same period.

Here are the three tell-tale advantages of going for a remortgage in Edinburg this year.

You Are Planning to Borrow More Finance

If you are desirous of purchasing a new car or investing in some home improvement jobs, getting your property remortgaged in Edinburgh could allow the disbursal of some equity, which you have saved over time in cash. However, deciding to refinance your fixed asset is not something that you are expected to take overnight and you should never forget to team up with a real estate consultant before making up your mind.

You Require a Different Kind of Mortgage

Maybe you can afford to offer some overpayments or you are trying to migrate to a longer tenure for securing a rate. The right mortgage for you would be the one that suits your financial and personal circumstances. As your financial objectives are expected to change over time, it is quite natural that you need a remortgage in Edinburgh in the years ahead.

The Tenure of Your Existing Mortgage is About to End

If your present mortgage agreement is of fixed-rate and the introductory period will be expiring soon, then it is highly recommended to apply for property refinance before the standard variable rate of your existing lending company comes into force and start costing you reasonably more every month. You may call trusted neighbourhood businesses like the Lothian Mortgage Services for having your real estate remortgage in Edinburgh.

The Bottom Line

It is imperative for you to consult a mortgage specialist before finalising your remortgage and you may not require to wait until the tie-in period comes to an end. It may also be worth noting that a standard remortgage procedure usually takes about anything between four to eight weeks from application to completion and hence, you should remember to apply renew a few months prior to the due date of your redemption period.

While changing your lender might be one of the most critical decisions of your life, your friends, neighbours, relatives, and colleagues could prove to be a good source of suitable referrals and testimonials. If you are looking for the most competitive remortgage in Edinburgh, you may also get in touch with trusted local refinancers, such as Lothian Mortgage Services. To summarise, bringing an experienced, qualified, and resourceful professionals on board are the key to successfully re-mortgaging your property.