Remortgaging means switching your mortgage to another deal sometimes with another lender without moving property.
Many borrowers choose to remortgage in order to take advantage of the new rates on offer.
Sometimes it is not about saving money, it could be that you want to reduce your monthly repayments or need more flexibility.
As a current homeowner, you may make the decision to remortgage for a number of reasons.
- To save money by switching to a better deal
- In order to consolidate debt or raise funds
- To carry out home improvements
If you are looking at switching mortgage, look at the overall repayment period too. Your monthly cost may be less, but don't forget to check the final repayment date of your mortgage as it may be longer than your current deal.
Think carefully before securing other debts against your property; your property may be repossessed if you do not keep up repayments on your mortgage.