Let us help you Remortgage. Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them.

When performing a remortgage, you switch your existing mortgage to a new deal with another lender. For instance, the introductory discounted interest rate has finished with your current lender and hence you could potentially get a lower APR with another lender. Alternatively, you may decide to remortgage in order to consolidate debts.

Nonetheless, a remortgage is not always the best option. Even if the lender you are considering switching to is offering a lower APR, you must consider:

• A new lender may charge you for valuation and solicitors fees, even if you paid these with your current lender. If you switch mortgage, pay attention to the overall repayment period. A new deal could mean you pay less monthly but check the final repayment date of the mortgage too.
• Alternatively, via a Product Transfer, you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.

You may have to pay an early repayment charge to your existing lender if you re-mortgage.