When remortgaging, you change your existing mortgage to a new deal and in most cases an alternative lender.
Remortgaging is widely used as a method of bringing down the cost of monthly repayments. This can be done at the end of an introductory period giving you the opportunity to find a more competitive mortgage deal.

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Depending on circumstances some people may decide to remortgage and consolidate any existing debts. This could be done by borrowing more than you currently owe on your existing mortgage providing you with extra capital.

What’s to be considered when remortgaging your property?

When remortgaging your property you will need to consider what deals are available and what would be best for you. Take this opportunity to investigate the market. Use your advisor or lender to explain the pro’s and con’s of anything your not sure about. The headline rate is just part of what the overall cost of your mortgage is, there are other things to consider as well such as are there any redemption charges or are there any arrangement fee’s.

If you switch your mortgage within an agreed period of time early redemption charges or ERC’s could apply. ERC’s are worked out as several months interest on your loan and charged to you as a penalty for switching your mortgage early. If you are switching your mortgage early check if these penalties apply to you, they will be charged when you move to a new lender.

The average arrangement fee could be in the region of £800 and in this current economic climate it would be prudent to factor this in when remortgaging. Some lenders have special deals to attract new customers by not charging arrangement fees, but expect to see these disappear as the market adjusts to the current economic climate.

When remortgaging onto a better deal the lender or advisor should be able to tell you of any saving you could make. This would depend on if you are increasing your mortgage or if the interest rate had gone up since your last remortgage. Then you would find an increase in your payments.

Deciding on the right mortgage is for most people the biggest financial decision they will make.

This service offers you access to a full range of mortgages and re-mortgage products (UK only).

Getting the right mortgage for you is essential. Making sure your repayments are competitively low and that you don’t pay over the odds for your mortgage is most important.

First time buyers and homeowners using Choice Mortgages should consider how much the product costs to arrange, any early repayment costs, the initial rate and the APR before making your final decision.

Please note if you do not keep up payments on your mortgage your house could be repossessed. Not all mortgages are regulated by the Financial Services Authority.