Remortgaging is when you take out a new mortgage for the same property. For instance, if your current fixed-rate mortgage is coming to an end and you don’t want to end up on your lender’s standard variable tariff, you can take out a new fixed-rate mortgage with the same lender or a different one.
Popular reasons to remortgage include:
- Your current fixed-rate mortgage is expiring
- You want a better rate
- The value of your house has increased
- You want to borrow more
- You want to overpay, and you can’t on your current deal
Just remember that if you remortgage before your current fixed-rate term comes to an end, you may have to pay an early repayment charge.