Remortgaging your Home

What is remortgaging?

In a nutshell, it’s when you swap your existing home loan for a new one – it usually means finding a better mortgage deal after your introductory offer expires, although sometimes it can pay to pay exit fees if a better deal becomes available.

Why remortgage?

When a fixed-rate or tracker mortgage deal comes to an end, you’ll usually be transferred automatically onto your lender's Standard Variable Rate (SVR), and end up with significantly higher monthly payments thanks to the higher level of interest you’ll be paying.

While you’ll no longer be subject to Early Repayment Charges, switching to a more suitable deal could end up saving you tens of thousands of pounds in the space of a few years.