What is a Remortgage?
The term remortgage is used when you get a new mortgage with a different lender but do not move home. It’s often used as a way of saving money or releasing the equity you have in your home for one reason or another. However there are other reasons you may want to remortgage as well.
There are lots of reasons to remortgage but understanding why, is really helpful. Check out our video below:
There are plenty of good reasons to remortgage. Perhaps your current deal is ending and rather than going on to the lenders higher standard variable rate (SVR) you want to explore the options of getting a better deal.
Maybe you prefer the security of a fixed rate deal as opposed to a fluctuating SVR rate. Whatever it is there are lots of good reasons to consider all your options.
The funny thing is most people take out a mortgage and, at the start, benefit from a special interest rate which saves them money by reducing the amount they will pay for their mortgage compared to the lenders standard variable rate. When the special period that this deal applies runs out they then fail to do anything about getting another deal. This is when getting good remortgage advice is helpful.
Why this is I don't know but maybe people don’t realise that they can get a new mortgage without having to move home and therefore benefit again from a reduced rate?
By remortgaging throughout the term of your mortgage, every time your special rate ends, you could be saving thousands! If you are looking for the best remortgage deals, please feel free to discuss with one of our independent advisers who would be delighted to help. Or for more information click on the button below: