Restructuring Your Mortgage
When you own property, that usually also means you get to deal with the trials and tribulations of mortgages and the various financing options available. While mortgage loans can be a headache, what’s important is that they can affect your financial well-being and future.
Mortgage restructuring is an option for people with a mortgage loan to renegotiate their loan’s repayment, get better terms for their mortgage agreement or simply get a better structure more appropriate for their specific situation.
Deciding whether or not to restructure your mortgage can be a difficult choice, but it’s made easier when you understand the process and its benefits.
Whether you’re just thinking about your mortgage options or you’re actively seeking to restructure your mortgage, you don’t have to navigate these waters on your own.
Let the Qualified Financial Advisers at MyFuture help you every step of the way to make sure you get the best mortgage restructuring deal you can.
Mortgage Restructuring In New Zealand
Owning property in New Zealand can be very rewarding, but it can also present a challenge.
If you’re concerned about paying your monthly mortgage repayments, or if you simply want to reduce your regular payments, restructuring your mortgage may be an attractive option to get you back on the right side of your finances. It can help you to get a better rate on your mortgage, new payment terms, or a longer period to pay off your mortgage.
Deciding if you should restructure the mortgage on your property is a complex decision and should not be taken lightly.
If you are considering restructuring, reach out to our experienced professionals at MyFuture for a no obligation FREE Discovery Session.
What Is Restructuring A Mortgage?
When you have a mortgage on your home, you pay interest on the loan you took out at a rate that is determined by the type of mortgage you availed of.
While this allows you to own a home without having the cash amount to buy it outright, it also means the interest you pay is essentially a service fee to the lender.
Fortunately, a situation may arise where you can restructure your existing mortgage to get a lower interest rate, better terms or a more appropriate structure for your specific situation.
As interest rates fluctuate, there may be an opportunity to restructure, secure more favourable terms or get a more appropriate structure for your mortgage with your existing lender.
Let the professionals at MyFuture work with your lender to negotiate the best deal and structure that will have your achieving your long-term goals as soon as possible.
Get Ahead With Quality Financial Advice
Our Qualified Financial Advisers can help you achieve your property goals with a tailored financial plan and proven financial expertise.
When Can You Restructure A Mortgage?
Restructuring a mortgage is an option for any property owner with a mortgage loan.
Depending on the conditions in your mortgage contract, you may be able to do it at any time, or you may be limited by penalties as to when you’re able to do it.
Depending on the penalties, it may still be your best option to restructure your mortgage right away.
Knowing when to remortgage is a complicated decision, so getting professional support from a Qualified Financial Adviser can help you get the timing right.
How Much Of Your Mortgage Can You Restructure?
If you have an existing mortgage and have made regular payments, you will likely restructure for the full outstanding balance on your property.
The money you’ve paid into the property is your equity and reduces the outstanding amount of your mortgage.
If you’re thinking of restructuring your home mortgage, make sure to consider how this will affect your finances, the total amount you pay, and the costs of your regular mortgage payments.
When you’re ready to restructure your mortgage, having the support and experience of a Qualified Financial Adviser can mean the difference between losing or saving significant sums of money. Get in touch with MyFuture for your FREE Discovery Session today.
What is our 6-Step Financial Advice Process?
The 6-step financial advice process is the international benchmark for financial planning. This holistic approach is proven to increase the likelihood of you achieving your financial goals.
Discovery Session
This is our opportunity to get to know you better, understand your financial goals (short, medium and long-term), and what resources you have to achieve those goals.
Research & Recommendations
During these steps, we do the research, run the numbers, document and present our recommendations to you. This can be a comprehensive financial plan focused on long-term wealth creation and/or a statement of advice focused on your more immediate financial needs. We will need to verify the information you provided during the Discovery Session by requesting supporting documents such as loan and savings account balances, payslips, etc. This ensures we are using highly accurate information when developing our recommendations.
Implementation
This step is all about implementing the recommendations. We don’t just provide the recommendation; we take responsibility for helping you implement it. This could involve helping you to complete application forms, working with a broker to restructure your lending, or finding you suitable investments. We understand you’re busy, so our goal is to make your financial world as easy as possible by doing as much as we can in-house for you. However, ultimately, we never have access to your money and cannot sign anything on your behalf, so you need to be an active, willing, and ideally enthusiastic participant in this process.
Ongoing Service & Reviews
This is where the real fun begins—managing and tracking your long-term financial success. We have periodic reviews to ensure your strategy is still appropriate if your goals or circumstances have changed. We adjust when necessary and provide annual snapshots so you can see your progress over time. Most importantly, you have your very own trusted Personal Financial Adviser available anytime to help with the little or big stuff. Worried about making next month’s mortgage repayments? Call us. Your parents gave you an early inheritance? Call us. Broke up with your partner and split all your assets? Call us! We’re here for you every step of the way to ensure that whatever life throws at you, you stay on track with your long-term financial goals.
Frequently Asked Questions