Remortgage by: John MussiA remortgage is changing your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money. A remortgage can also be used to raise additional finances by releasing equity in your property. More detailed information.... When you remortgage you are ending your old mortgage deal and switching to a new one.This normally involves switching your lender although you can sometimes change deals with your current provider.
If you do remortgage with your current lender it normally involves changing your existing deal. You can borrow from £25,000 up to £500,000. Rates are variable, depending on status.It is important to note that there are costs attached to remortgaging such as redemption penalties. These need to be taken into account when you are considering a remortgage. It is however worth bearing in mind that often the benefits of remortgaging can outweigh the costs involved.
A remortgage deal on your house or flat should offer you: