What is a Remortgage?

A remortgage is a common process for mortgage holders and is when a new mortgage is taken out without moving home. Reasons for this are to release equity from a property, to consolidate debts, or when you are at the end of a fixed rate deal and it would be financially better to remortgage on to a more favourable mortgage rate.

Most residential mortgage products are available for homeowners looking to remortgage, they are not usually different products. Remortgages can normally be for any type of mortgage, i.e. fixed rate mortgage, tracker mortgage, discount mortgage, offset mortgage. Take a look at our latest best buy tables for residential mortgages and then speak to one of our qualified residential mortgage advisers to find the best remortgage product for you. Call now on 0845 148 9165.

Why remortgage?
Homeowner remortgage for a variety of reasons including:

• To release equity from a property
• To consolidate debts
• To move to a better mortgage rate
• To save money

When to remortgage
Approximately 6-8 weeks before your fixed rate mortgage comes to an end we advise you to start looking for a remortgage deal in order to avoid paying more on your mortgage.

A note of caution
Please be aware that when consolidating debts the funds will be repaid over the term of the mortgage, therefore the overall cost of repaying the loan is likely to be higher as the term of the loan is longer.

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

For qualified advice on whether remortgaging is right for you, talk to one of our specialist advisers on 0845 148 9165.