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What is remortgaging?
Remortgaging happens when you change the mortgage you currently have on your property, either by switching it to a new lender, or by moving to a different deal with your existing lender.
Reasons why you might want to remortgage
There are a number of reasons you might want to remortgage your home, including:
Your existing deal is coming to an end
When your current mortgage deal ends, you’ll be put on the provider’s standard variable rate – SVR – which is usually uncompetitive. So before that happens, it’s a good idea to look at what other deals are available and think about remortgaging to a deal with a better interest rate.
You’re worried about interest rates rising
If you’re on a variable rate mortgage and your payments are increasing because of the Bank of England’s base rate rise, it could be worth remortgaging to a competitive fixed rate deal to give you peace of mind.
Just check you don’t have to pay any early repayment charges for getting out of your mortgage early.
You need to borrow more
Sometimes homeowners remortgage to release equity from their property. But you will need to make sure you’ve factored in all the fees that come with remortgaging and make sure you’ve looked at other borrowing options before making a decision.
Your lender is likely to ask why you need the money before agreeing to a remortgage, and common reasons include making improvements to your property or paying off other outstanding debts.
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