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Remortgages

Remortgages are for borrowers who already have a mortgage but want to change to a new one, either with their current lender or with a new lender. The reason for changing is usually to do with taking a cheaper option and reducing the monthly outgoings. Read more...>

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If you have had your mortgage for some time and whatever rate you had has now reverted to the lender’s standard variable rate, then it’s probable that you will be able to get a better deal.  

The important thing to remember about mortgages is that the interest rate operates over a long period of time, so a comparatively small saving on the interest rate can have a big effect by the end of your term. Remortgaging can also allow borrowers to raise more cash, perhaps for home improvements, as a mortgage is usually the least expensive way to borrow money.

For a remortgage customer there is less paperwork and procedure than there is to arrange a first time mortgage unless the borrowed amount is being substantially increased.  All the usual mortgage rate options will be available, such as capped, fixed and discounted. 

It’s worth recognising that remortgaging can have costs and conditions and these have to be taken into consideration. There may be clauses on the new lower rate mortgage that force the borrower to accept a higher rate after the initial period and early redemption penalties. If your current mortgage allows over payment but your new remortgage does not that should also be considered as paying back early is the best way to save money on a mortgage in the long run.