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What is a Remortgage?
A home is probably the biggest investment you have so it logically follows that finding a way to save money on this could make a significant difference to your monthly budget
A remortgage involves changing your current mortgage deal to a cheaper one by potentially switching the mortgage to a new lender or even staying with the existing lender on a cheaper rate. All lenders have a rate you revert to after the initial rate you received has ended. This is often a Standard Variable Rate (SVR) or a life time tracker. Typically, the SVR rate is a higher rate than any new deal a lender may be able to offer you.
You can even raise money on the mortgage for numerous reasons. The most popular is to carry out home improvements or complete some debt consolidation. If you are doing debt consolidation it should be noted it may be cheaper now, but could be more expensive if you extend the term of the debt.
Remortgaging options can be found with an existing provider or an alternative lender. Most lenders will allow you to take a remortgage product without any attached costs, meaning you can get free valuation, free legal and no arrangement fees. Although we are seeing more lenders removing the free legal option but giving you cash back to cover this instead.
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