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Information On Remortgages

Remortgaging is changing mortgages without moving home. It is the process of changing your mortgage for a better rate, or to release some of the equity in your home, or to consolidate your debts. Getting a remortgage involves ending your current mortgage scheme and moving to a new one. This may involve switching lenders because some lenders will not offer a remortgage scheme to existing customers.

 

Obtaining a remortgage with your existing lender would involve changing your deal – for instance changing from the lender’s standard variable rate (SVR) to a fixed rate. If you are currently paying your lender’s SVR then your mortgage lender probably has several other more attractive deals available. If you are currently on a lender’s SVR then it is quite possible that you can change mortgage and/or provider without incurring a redemption penalty.

Things to consider when remortgaging

Is there a “tie in”?: You may find the most attractive remortgage deal, but before you go for it be sure to find out whether you’ll be tied in to the deal for longer than you want to be. For example if you find a really low 5 year fixed deal, you may find that you are tied in for another 2 years at the lender’s SVR, ending the mortgage within this period will result in you having to pay a redemption charge.