Remortgaging
What is a Remortgage? Everything You Need to Know
If you’re wondering, “what is a remortgage and how does it work?” it’s actually pretty simple.
Remortgaging is just the process of switching your current mortgage over to a brand-new deal, either with your existing bank or by moving to a new lender.
You can remortgage to do either of the following:
release equity: If the value of your property has gone up, you can unlock some of that cash to fund home improvements,
To consolidate debt into one payment: If you are juggling multiple credit cards or personal loans, you can use a remortgage to clear them and bundle everything into one manageable monthly payment. This may reduce your monthly payments but could increase the total cost of borrowing.
Please note, you may end up paying more for the debt over a longer term.
Is your current mortgage deal coming to an end?
Or maybe you’re looking to remortgage to release equity for home improvements, or consolidate debt into one manageable monthly payment? Whatever your goals, shopping around for the best remortgage deals is a great way to take control of your money. We offer expert mortgage advice to help you cut through the noise, compare the market, and find the right rate for your situation.
Think carefully before securing other debts against your home. The overall cost of repayment of other debts might be more when added to your mortgage. Your home might be repossessed if you do not keep up repayments on your mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.