Remortgage
Remortgaging means replacing your existing mortgage with a new one, either with your current lender or a different one.
Also known as: remortgaging, remortgages
People usually remortgage when a fixed or discounted deal ends, to avoid moving to the lender's standard variable rate. Some also borrow more, change the term or switch from a variable to a fixed rate.
Check for early repayment charges on your existing deal, and compare the total cost of new deals, including fees. Starting three to six months before your deal ends gives you time to shop around.
An authorised mortgage adviser can explain how this applies to your circumstances, and MoneyHelper offers free guidance. Your home may be repossessed if you do not keep up repayments on your mortgage.
This page provides general information only. It is not personalised financial, legal or tax advice, and rules and figures can change. Your situation is unique — please check official sources such as GOV.UK and MoneyHelper, and speak to a qualified, FCA-authorised adviser before making important decisions about your money.