Remortgage

Remortgaging is currently very popular in the UK so it’s a term you are likely to be familiar with. 

What does it actually mean?
To ‘remortgage’ means to switch your mortgage deal and/or mortgage lender.

Your circumstances are likely to change over the duration of your mortgage, remortgaging simply allows you to review your circumstances and get a more suitable deal. 

The most popular reasons for remortgaging are;

• to get a better mortgage rate
• to increase the size of their loan
• to secure more suitable terms  

With such demand for competitive remortgage deals in the UK there are many options choose from.  UK Banks, building societies and specialist lenders can accommodate your remortgage needs. 

The advantages of remortgaging include;

• it could reduce your monthly payments
• consolidation of existing debt into one monthly payment
• benefit from the growing UK house prices by releasing equity in your home

The dis-advantages of remortgaging include;

• you may have to pay an early repayment charge to your existing lender if you remortgage

It’s important to get the right advice before making any decisions regarding your mortgage.  Speak to a qualified adviser and do your research online to make sure you get the best deal.

Think carefully before securing other debts against your home.  Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.