As your circumstances change so do your mortgage requirements. This means it is a good idea to check, every now and then, that you have the most suitable mortgage.

Remortaging your home means replacing your existing mortgage with a new one, or raising additional finance for whatever purpose you require. In the past people have chosen to remortgage for one of the following reasons; to consolidate outstanding debts (such as credit cards or personal loans), improve their property, purchase a car or even start their own business. However, remortgaging has become much more common in the last year or two as borrowers have been made aware of the savings they could make.

You can remortgage either with your existing lender (by changing products, e.g. from a variable rate to a fixed rate mortgage) or move your mortgage to a different lender entirely. You may be able to take advantage of special deals and it need not be expensive. In some cases the new lender may even pay the costs involved in the transfer.

You may have to pay an early repayment charge to your existing lender if you re-mortgage.

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

What do I have to do to remortgage?
As you would expect, the process is very similar to that of getting a mortgage in the first place. The mortgage lender will require a surveyor’s valuation report on your property which incurs a charge. The good news is that there is no stamp duty and the legal fees generally cost much less. Even better than that, increasingly the new lender may pay the costs incurred to change your mortgage to them. An even better reason to think about changing.

The overall cost for comparison is 7.9% APR. The actual rate available will depend upon your circumstances. Please ask for a personalised illustration.