Remortgaging is the process of changing your mortgage on your existing property to a new one, switching from one mortgage lender to another. This new mortgage takes the place of the previous mortgage you had on the property. Many homeowners choose to remortgage when coming to the end of their existing rate, looking for a better deal or planning to borrow more money against a property.
Remortgaging can be a good idea – depending on your personal circumstances, so it’s worthwhile talking to a mortgage expert to get professional advice.
For example, if your financial situation has changed, you may need a new mortgage that accommodates different needs – like higher overpayments or a lower monthly rate. Remortgaging is a way to replace your current mortgage with one that better suits your requirements.
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