HOW DOES REMORTGAGING WORK?

Remortgaging is where you take out a new mortgage with a new lender on a property you already own and have a mortgage on. The new mortgage takes the place of the mortgage you originally had on the property.

Who May Want to Remortgage?

You may want to remortgage if:

  • The introductory deal on your current mortgage is due to end soon and you’d like to avoid being transferred onto your lender’s SVR (standard variable rate)
  • You want to consolidate multiple other debts
  • You need money to fund home improvements
  • You have a large expense coming up – like a wedding or school fees, or you want to help your children with a deposit, etc.

 

 

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