Remortgaging is when you take out a new mortgage on a home you already own. This allows you to replace your existing mortgage with something better or to borrow money against your property.
- There are a number of reasons that you may want to remortgage:
- Your current deal is about to end.
- You may be able to secure a better rate.
- Your home’s value has gone up…a lot.
- You’re worried about interest rates going up.
- You want to overpay & your lender won’t let you.
- You want to switch from interest-only to repayment mortgage.
- You want to borrow more.
No matter the reason remortgaging could be the right decision for you but we recommend discussing your options with your mortgage broker or financial advisor before making any decisions.