Remortgaging, also known as refinancing, refers to the process of switching your existing mortgage to a new lender or renegotiating the terms of your current mortgage with your existing lender. The primary goal of remortgaging is usually to secure a better interest rate, reduce monthly repayments, or release equity tied up in your property.
When your mortgage term ends you will revert to the lender’s standard variable rate and your payments may rise. So remortgaging early to a better rate may reduce your mortgage amount each month
Releasing equity when remortgaging may help to pay off debt or conduct home improvements in the home.
We are here to help you through the process and make the process as smooth as possiable. At My Mortgage Basket we are Whole Of Market advisors so we can search the best deals and rates for you.
Your home may be repossessed if you do not keep up repayments on your mortgage or loans secured on it.