No one likes wasting money. Now, with interest rates among their lowest levels for 40 years, if you remortgage your home you could save yourself some cash. A remortgage could also release some of the value in your home - to pay for house improvements, for instance.
Thousands of people are benefiting from savings on their interest payments, and the cash a remortgage can generate, every year.
What is a remortgage?
A remortgage is when you take out a new mortgage on your existing home. This involves changing the mortgage terms such as the interest rate you pay or the amount you borrow.
What's the point of a remortgage
If you remortgage your home at a better loan rate than your existing mortgage, the result is that you pay less in interest each month. In other words, a remortgage may well be cheaper than your existing mortgage. Alternatively, you may wish to release money tied up in your home - based on its market value - to make a substantial purchase. In other words, a remortgage could allow you to borrow money at a low interest rate, using the value of your home as security.
When is a good time to remortgage?
The ideal times to remortgage your home are when:
• You are about to come to the end of your existing mortgage deal and move to your lender's standard variable rate. A remortgage could get you a better rate
• Your home has risen in value and you want to borrow large sums of money. A remortgage should enable you to borrow at a lower rate of interest.
How much will a remortgage cost?
For a quick guide to repayment amounts, try our remortgage quick quote service.
What remortgage rates are available?
Rates change frequently. To find out the latest remortgage rates, check out our remortgage rate page.
How much can I borrow with a remortgage?
Get an idea of how much you could borrow with a remortgage using our remortgage calculator.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
