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What is a remortgage?

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Remortgaging means swapping your current mortgage for another one. You can remortgage with your current lender (a ‘product transfer’) or move to a different one. Either way, your new lender will pay off your old mortgage. And you’ll start repaying the new one.

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How does remortgaging work?

How does remortgaging work?

Save money Lenders tend to offer a low interest rate for a limited period (usually two to five years) on new mortgages. But once this ends, you’ll move to their Standard Variable Rate (SVR). This is the most common reason to remortgage.

Raise capital (take money out of your home) There’s value in your home, and your mortgage represents the percentage of the value you don’t already own. By releasing equity, you could increase the size of your loan and take out some of the value in your home as cash.

There are many reasons you may want to remortgage, including: - build an extension - home improvements (eg. a new kitchen) - put towards a major purchase (eg. a car) - fund an unexpected expense (eg. an operation)

When can you remortgage?

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How long does a remortgage take?

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Why remortgage?

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How much does it cost to remortgage?

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More questions

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What is a remortgage?

How does remortgaging work?

When can you remortgage?

How long does a remortgage take?

Why remortgage?

How much does it cost to remortgage?

More questions

Secondary title

Remortgaging means swapping your current mortgage for another one. You can remortgage with your current lender (a ‘product transfer’) or move to a different one. Either way, your new lender will pay off your old mortgage. And you’ll start repaying the new one.

Read more

What is a remortgage?

Remortgaging means swapping your current mortgage for another one. You can remortgage with your current lender (a ‘product transfer’) or move to a different one. Either way, your new lender will pay off your old mortgage. And you’ll start repaying the new one.

Just under half a million UK homeowners remortgaged £83 billion of loans during the 12 months to February 2019. But despite this, around two million homeowners are still collectively overpaying £10 billion a year by being on the wrong mortgage deal.

How does remortgaging work?

Save money Lenders tend to offer a low interest rate for a limited period (usually two to five years) on new mortgages. But once this ends, you’ll move to their Standard Variable Rate (SVR). This is the most common reason to remortgage.

See if you could switch and save >

Raise capital (take money out of your home) There’s value in your home, and your mortgage represents the percentage of the value you don’t already own. By releasing equity, you could increase the size of your loan and take out some of the value in your home as cash.

There are many reasons you may want to remortgage, including: - build an extension - home improvements (eg. a new kitchen) - put towards a major purchase (eg. a car) - fund an unexpected expense (eg. an operation)

Read our guide on raising capital >

Why you may want to remortgage

People remortgage for many reasons - to make sure we get the very best deal for you, its great to know exactly why you want to remortgage and what your priorities are.

Save Money

Lenders tend to offer a low interest rate for a limited period (usually two to five years) on new mortgages. But once this ends, you’ll move to their ...

Read more

Raise Capital

There’s value in your home, and your mortgage represents the percentage of the value you don’t already own. By releasing equity, you could increase th...

Purchase a buy-to-let

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