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Step by Step Guides Remortgaging

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1. Why remortgage?

Remortgaging simply means switching your existing mortgage to a new deal, often to a new mortgage lender.

The main reason to do it is that you could end up saving lots of money by arranging a new deal, with a better interest rate or for a bigger amount.

If you choose to remortgage, you could cut your rate, release equity built up in your property, or move from a variable-rate deal to a fixed rate if you want to manage your budget easily.

Remortgaging can reduce monthly repayments. If this is what you're after, you should look at the rate you currently pay and then see if there are any better rates on the market.

Banks, building societies, specialist lenders and mortgage brokers offer different deals to accommodate your needs. Most lenders charge fees, but some offer fee-free deals for the cheapest remortgage available.

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