Are you finding it difficult to manage all of your mortgage accounts? After a few years of having a mortgage, and the distractions of modern life coming into play, we see many client’s personal budgets fly out the window and their banks accounts get messy and hard to manage. There may have been an extra top up on the mortgage for building a pool, or one or two credit cards from Christmas the year before last. Often, once the debt is out of control, things can become very difficult to manage. Refinancing is a great way to consolidate all of your accounts and debts into one account, in a much more manageable format.
When applying for lending, clients are often assessed based on their spending habits. If your bank is telling you you’re unable to re-assess your lending position (borrow more, or consolidate debt), there may other options they’re not telling you about. At iRefi, we often help clients consolidate debt, and manage their personal budgets more effectively. Here are three side-benefits to refinancing you might not have considered:
- Refinancing is a great time to consolidate other debt and tidy up your account conduct
- Refinancing gives you the opportunity to re-assess the ownership and borrowing structure of your properties.
- Refinancing gives you a chance to properly reassess your mortgage structure with a professional mortgage adviser