Remortgaging is the process of switching from an existing mortgage to another lender usually to get a better rate than the current one.  This can be done for various reasons:

• To get a better interest rate: If your present fixed term rate is coming to an end and you wish to find a better deal than the current variable rate. If interest rates have decreased since you took out your original mortgage, you may be able to save money by remortgaging to a lower rate.
• Changing mortgage type: Switching from a fixed rate mortgage to a variable rate mortgage, or vice versa, depending on your current financial circumstances and future plans.
• Accessing built up equity: Remortgaging might enable you to borrow more additional funds against the value of your home.
• Consolidating debts: Combining other debts, such as credit card balances or personal loans, into a single, manageable monthly payment through remortgaging.

When remortgaging, you will typically need to go through a similar process to getting a mortgage for the first time, including providing information about your financial situation and credit history, as well as the property being mortgaged. The new lender will also conduct a valuation of the property to ensure that it is worth the amount being borrowed.

It is just as important to compare different remortgage options as when purchasing a property for the first time, which is why we are here to give you the best advice on the current market, as the terms and conditions of remortgage products can vary widely between lenders.

#remortgagemadesimple!

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Important note:‍

As a mortgage is secured against your property, it could be repossessed if you do not keep up the mortgage repayments.