Remortgage is replacing an existing loan with a new one from a different lender.
Remortgage cuts out the need for a new valuation and searches, and as a result reduces the cost of getting a new mortgage.
There are a lot of things that can be achieved by a remortgage. You could cut your rate or move from a variable-rate deal to a fixed rate making it easier to manage your budget.
One of the reason for remortgaging is to reduce monthly repayments.
Before going for a mortgage, work out what the monthly repayments will be on a new deal using our Loan/Mortgage Calculator. Compare these with your current payments.
It willnot take long to replace your current deal with a new mortgage.
Most mortgage offers last for around three months, and if you plan ahead you can have a new deal sorted out to start the day the special-offer rate ends. This means you can hop from one fixed rate to another and avoid paying over the odds for your loan.
Types of Mortgage
Variable rate mortgages
Capped-rate & drop-lock mortgages
You can get more information on remortgages, secured loan, types of loans and loan advice.
Remortgage is the method of replacing a current mortgage with the new one. It helps you to switch from a variable rate mortgage to a fixed rate pact. By remortgage you can easily reduce your monthly payments and can hoard a sizeable amount for other expenses.