A remortgage is a process of switching your current mortgage to a new mortgage product or lender while still remaining in the same property. It is also known as refinancing or a mortgage refinance. People remortgage for a variety of reasons such as to reduce their monthly mortgage payments, to secure a better interest rate, to release equity from their property, or to consolidate debts. In a remortgage, the existing mortgage is paid off with the proceeds from the new mortgage, and the borrower starts making repayments on the new mortgage. It is important to carefully consider the costs associated with remortgaging, including any fees or charges from the new lender, as well as any potential costs associated with ending your current mortgage early. It may be beneficial to seek professional advice from a mortgage broker or financial advisor before deciding whether to remortgage. Moneybrain Advice Ltd is Authorised and Regulated by the Financial Conduct Authority in respect of mortgage and insurance advice (FRN 940441).
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