What is a Remortgage ?

If you switch your mortgage from one lender to another then you are said to be "remortgaging'.

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People remortgage to save money - new mortgage deals are coming up all the time and if you can save money by changing, then it's worth doing. Sometimes you may find a better deal with your existing mortgage provider but that still qualifies as a remortgage because it's still a brand new mortgage contract.

It's always a good idea to keep your eye out for good remortgaging deals - even a 0.50% difference in interest rate could make a huge difference to your monthly repayments. But be aware that some mortgage contracts have early redemption penalties. This means that if you leave within a specified period, you will have to pay extra early exit charges. Your mortgage agreement will detail such charges but typically will be X months interest plus possibly a fixed redemption fee as well..

Getting a remortgage is generally a lot quicker than getting a mortgage for the first time. If you can provide all the right paperwork including bank statements, salary details, existing mortgage statements and proof of identity documents - you could have a new mortgage set up in 4-6 weeks.

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