Remortgage

A remortgage will allow you to replace your existing mortgage or borrow more money against your current property.

 

What is a remortgage?

Remortgaging happens when you change the mortgage you currently have on your property, either by switching it to a new lender, or by moving to a different deal with your existing lender. It can be a good way to find lower interest rates and better mortgage terms.

 

When remortgaging might be a good idea?

The main reason that you might want to remortgage is to save money. Remortgaging can be a great way to potentially save you from paying hundreds of pounds extra in interest each month over the next few years. Whether or not you should remortgage can depend on a variety of factors.

 

Here are the main situations when it might be a good idea to remortgage:

• Your current deal is about to end.
• You want to lower interest rates
• You want to cash in some of your home’s equity
• You want to pay your mortgage off faster
• Your home’s value has gone up.
• You’re worried about interest rates going up.
• You want to overpay and your current lender won’t let you.
• You want to borrow more.
• You want a more flexible mortgage.

 

Is remortgaging worth it?

Remortgaging can potentially save you thousands of pounds. When lowering your interest rates by 1 or 2 percent you could find yourself paying hundreds of pounds less every month.

 

Remortgaging in your current bank or switching to a new lender?

When you decide to stay with your current bank it is often easier and quicker since there is usually less paperwork to do. However, most often switching to a new lender can offer up better deals. Whatever you decide, make sure to compare all the offers available on the market.