A remortgage is where you change your mortgage lender without moving home

Why remortgage?

To take advantage of a lower interest rate and/or better mortgage terms. This could mean lower monthly repayments.

Can I borrow more money against my property ?

Remortgaging offers the possibility of you increasing your loan size. This will mean that, once you have paid off you existing mortgage, you could have money left over to spend on whatever you wanted. Many people pay off existing loans and thus reduce their monthly loan payments. You will also normally benefit from a cheaper interest rate, as mortgage rates are normally a lot less than credit card and personal loan rates. However, a word of caution. When you borrow money to pay of existing loans in this way, or to go on holiday etc, you are in fact paying for that event over the rest of your mortgage term. We do not recommend that you use this facility too often.

What are the steps involved in remortgaging?

Remortgage applications do involve having the property valued by the new lender, and an solicitor arranging the transfer of the mortgage deed from one lender to another. Very often though, the new lender will offer a remortgage package, where they will pay all your costs for you. See the 'Best Buys' page for some current remortgage deals.