What is a Remortgage?
A remortgage is the process of changing mortgage lender, applying to borrow more or applying to revise your mortgage scheme after current mortgage deal has reached the end of any redemption penalties.
Usually, to obtain a more competitive mortgage or to switch mortgage scheme types, e.g. variable rate to fixed rate because you think interest rates are sent to rise (or vice versa).
Another reason is to borrow more money for home improvements or to buy another property
Can you Save Money?
When a mortgage scheme comes to the end of its ‘initial period’, the interest rate usually rises. Moving your mortgage to another lender could enable you to get a lower interest rate which will normally save money.