Remortgaging is a process where you move your mortgage balance from your current mortgage lender to another.
The most common reason for doing so to obtain a better interest rate lowering your monthly payments however many people also do so to raise additional funds on top of their current mortgage balance for many reasons such as:
Whatever the reason it’s always a good idea to review your current mortgage deal to determine if the deal you are on is the most cost effective
If you are looking to consolidate debts into the mortgage think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your home
Commonly once your tie-in period with your current lender expires and you can switch penalty free however sometimes the circumstances justify the process of buying yourself out of a tie in period and incurring Early Repayment Charges from your existing lender.