Remortgaging means switching your mortgage to another deal 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
There will be a fee for Mortgage advice. The minimum amount is £395, however depending on your circumstances a maximum amount up to 1% of the mortgage amount may be charged depending on individual circumstances (i.e. £1,000 on a £100,000 mortgage).
Think carefully before securing other debts against your property; your property may be repossessed if you do not keep up repayments on your mortgage.