Remortgaging means moving your mortgage from one lender to another to get yourself a better deal. And you don't even have to move house to do it.
There are many reasons why remortgaging could make sense for you:
• You just want a better deal with a lower interest rate.
• You need a more flexible deal with additional payment options.
• You've come to the end of your initial Fixed Term deal.
• You want to consolidate or rearrange all your finances.
• You want to save money on your monthly repayments.
• You want to borrow more to use the money for a project or home improvements.
• You want to use some of the equity in your home rather than take out an additional loan.
• Your current mortgage no longer suits your needs.
• You have inherited some money and wish to reduce the amount you have borrowed.
• Your credit rating has improved so you may get a better deal.
Think carefully before securing other debts against your home.
You may have to pay an early repayment charge to your existing lender if you remortgage.