Remortgaging means switching from one mortgage deal to another on a property you already own.
You’ll usually change lenders to find the cheapest overall monthly price, but there are lots of other reasons for you to remortgage.
- Ease budget pressure because you pay less each month
- Let you release equity to pay for expensive home improvements
- Reduce the overall length of your term by paying back more each month
- Fix your mortgage repayments for a set period to avoid paying a variable interest rate
What does it mean if I don’t remortgage?
When your current mortgage deal ends, your lender will normally switch you to their standard variable rate, or SVR.
On average, this is twice as expensive as your fixed term mortgage. Also, the rate can fluctuate over time if your bank decides to change it – usually in line with the Bank of England base rate.
You can find more info about remortaging here.
Next steps to remortgaging
- Find out when your current fixed-term ends
- Read our guide on whether remortgaging is right for you depending on your circumstances.
- Use our Mortgage Matcher to find out what deals you’re eligible for and speak to one of our advisers and get your questions answered