Remortgaging your property in the UK
A remortgage is essentially no different to a mortgage,
with one crucial difference - you are not buying a house.
All you are essentially doing is taking out a new mortgage
to repay the old one, while shifting your debt from one
lender to another.
This brief guide should run you through the main points
of remortgaging, as outlined below. However, since many
of the decisions involved in remortgaging your property
are essentially the same as when you take out a normal mortgage,
it is probably worth reading the extensive mortgages guide
on our sister site: www.a-mortgages-website.co.uk
Why remortgage?
How much can I save?
How much does it cost?
How long will it take?
Choosing a remortgage
Before you go ahead and jump ship from your current lender,
consider the fact that remortgaging to a new lender is not
best for everyone. Most lenders will automatically transfer
you to the Standard Variable Rate at the end of your fixed
or discounted deal. However, it may be possible to switch
to another scheme with the same lender, thereby negating
the need for additional conveyancing and a valuation. Some
lenders even permit you to do this on a fairly regular basis.
