Remortgage Your Home

Remortgage Your Home

When you remortgage, you are switching your mortgage to another deal, and frequently, another lender.

Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore, you could potentially get a new discount rate, or a lower APR, with another lender. Another example is when you may need to re-mortgage for home improvements or to consolidate debts.

Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. . There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service. These services may be more suitable for you. By remortgaging your property you could be savings thousands. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.