If you already have a mortgage in place for your home or investment property, it may be worth looking to see if you can remortgage to get a better deal. When remortgaging, you are simply replacing your existing mortgage with a new one either with the same or a different lender. This can be done for the same amount of your current mortgage, or a different amount (either higher or lower) subject to certain criteria being met.
There are numerous reasons as to why you might consider remortgaging, and finding a good deal could provide real benefits. If you are currently on a lender’s standard variable rate (SVR), you could potentially save thousands by moving on to a cheaper interest rate.
When you take out a remortgage deal, you start a new secured loan agreement with the new lender, and they in turn pay off the original mortgage. Doing this can benefit you in multiple ways potentially and lenders are satisfied in offering this service as it allows them to bring on board new long-lasting customers.