To save money
You may be able to save money by remortgaging if:
- interest rates have changed since you first took out your mortgage
- your current mortgage deal is coming to an end
- your mortgage is on a follow-on rate
- the value of your property has increased
To borrow more
If you’re considering home improvements or a special purchase, remortgaging could help you raise the money you need by either borrowing more on your mortgage or releasing equity in your property.
Borrowing more means your monthly payments could go up, so think carefully about whether you'll be able to afford the extra amount for the full mortgage term.
Some people remortgage to consolidate their debts, but you may wish to get independent financial advice before doing this because your home will be at risk if you can’t meet the payments.
Change in circumstances
If your personal circumstances have changed – for example, if you’re starting a family or are earning more money – you may find that your current mortgage no longer meets your needs. By remortgaging you could change the features and terms of your mortgage to better suit your circumstances.