If your home is worth considerably more than when you took out your mortgage, it may seem sensible to increase your loan to pay off other debts, fund improvements or even treat yourself to something you’ve always wanted.
Remortgaging isn’t difficult. All it takes is a bit of research and some minor paperwork – and you don’t even need to do it yourself.
Just contact a mortgage adviser and they will be happy to take on all the work for you.
It could save you thousands of pounds.
Yet a huge proportion of borrowers stick with poor mortgage deals – particularly those on their lender’s standard variable rate – when they don’t need to.
(For more on this particular way of wasting your hard-earned cash, read What is a standard variable rate?)
So Why Don’t More People Take Action?
Many people simply don’t realize how much they could save.
And, of course, inertia plays its part, with many others assuming it’ll be too much bother.
Maybe that’s not surprising considering the hassle most of us remember about the process of getting a mortgage in the past.
But things have changed – nowadays switching to a new home loan every few years really doesn’t take that much effort.