When you remortgage, you are switching your mortgage to another scheme, and frequently, another lender. Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out more cost effective 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 interest rate, with another lender. Another EXAMPLE IS WHEN YOU MAY NEED TO RE-MORTGAGE TO CONSOLIDATE DEBTS OR BUY A SECOND PROPERTY, PAY FOR A DIVORCE SETTLEMENT.

It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower interest rate, you must take into consideration the facts that:

We will consider all associated costs; to include new lender fees, solicitors fees (usually free), survey fees (usually free), current lender exit fees – and we will only recommend you to make the switch if the overall savings are more cost effective than staying with your current provider. We will check with your current provider to see what schemes they will offer you to make sure we are not putting you in a worse financial position by moving you to a new lender.