A remortgage is where you take out a new mortgage on the property you currently own, either to replace your existing mortgage, or to borrow additional funds against your property.
Why would I remortgage?
In some cases, homeowners can save hundreds of pounds a year by moving their mortgage to a more attractive rate. Remortgaging can also work if your property has increased in value and you want to release some money from the equity tied up in your home, or if you want to reduce the term of your mortgage by increasing your monthly payment.
What are the benefits?
Depending on your circumstances, sometimes there are costs involved in a remortgage, other times there are none at all. Your mortgage advisor will assess your situation and advise on the most appropriate mortgage and product for your needs and budget. Costs involved could include an administration fee, a product fee and/or a completion fee.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
