A remortgage, often referred to as "remortgaging," is the process of replacing your current mortgage with a new one, frequently from a different lender. Homeowners opt for remortgages for various reasons, including:
Lowering Monthly Payments
To secure a better interest rate and reduce monthly mortgage payments.
Accessing Equity
To release equity from their property for purposes like home improvements or debt consolidation.
Switching Mortgage Types
To change from a variable to a fixed rate, or vice versa.
Consolidating Debt
To consolidate multiple debts into one mortgage with a potentially lower interest rate.
Funding Life Events
To finance significant life events, such as weddings or education expenses.
The remortgaging process involves assessing your current situation, comparing offers from different lenders, applying, undergoing valuation and legal work, and completing the process with the new mortgage in place.
If you're considering a remortgage, our expert mortgage advisors can help you make informed decisions and find the best solution for your needs.
Think carefully before securing other debts against your home. Consolidating debt may reduce your outgoings now, but you may end up paying more overall. Your home may be repossessed if you do not keep up repayments on your mortgage.