3 Reasons Why Switching Your Mortgage Can Make Sense

Apr 14, 2021

Many people take out a mortgage, assuming that once the decision is made there is no going back. It’s a common misconception that switching a mortgage can be expensive. You or your broker probably shopped around for the best product for you at the time of purchase. But things change. Both in your life and with the products available. It may be time to look at what options are open to you now.

Better rate

Like anything mortgage offerings change. Interest rates and product options are being updated all the time. Now could be a good time to see whether you could save money by switching your mortgage. This could be an opportunity to switch to a product that is more suitable to your current financial situation.

Release equity

Your home may have built up a certain amount of equity since you first drew down the existing mortgage. By switching your mortgage, you could avail of the option of utilizing this for additional cash. This could help with home improvements or even educational fees.

Debt consolidation

Switching your mortgage can provide the possibility of consolidating your debt. Depending on what way you wish to structure your finances, you could have the flexibility to just pay one single monthly payment to cover your debts.

While you may think switching your mortgage will be time-consuming and stressful, it doesn’t have to be. As an independent financial broker, Lifespan Financial Services offers a simple and straight-forward service by doing the hard work for you. This allows us to give you the best options for your circumstances and guide you through the entire process, if it’s right for you.

If you’re interested in having a chat about what your options might be then simply request an appointment through our website or give us a call.