Re-Mortgaging involves switching your mortgage to another deal with another lender without actually moving property.
Some people switch mortgages because it will work out cheaper for them.
For example, the introductory discounted interest rate may have finished with your current lender, and you might get a cheaper deal with another lender.
Other people re-mortgage to consolidate their debts (It is worth noting that a re-mortgage isn’t always the most suitable option as securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable).
You may have to pay an early repayment charge to your existing lender if you re-mortgage.
This article (Re-mortgages) is intended to provide a general appreciation of the topic and it is not advice.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
Think carefully before securing debt against your home, your home may be repossessed if you do not keep up repayments on your mortgage.