The Complete Guide to Remortgaging: When and Why You Should Consider It

How to sell your house for cash

Are you a homeowner? Has the term “remortgaging” come across your path? Do not fret we are here to give you the skinny on all things remortgaging.

Well, remortgaging is just taking out a different mortgage.

“Why would I want to do such a thing?”

Bet you don’t know it yet, but you can remortgage your property for all sorts of reasons. Take it from us, it may even be necessary. Let’s get into the weeds of remortgaging.

Why Remortgage?

Firstly excellent question and here are some great answers!

Securing a Better Interest Rate

You may decide to remortgage your property for a better and lower interest rate.

Picture this: the mortgage rates have dropped since you got your property. Remortgaging gives you a chance to lower the payments by switching to a better deal!

Hence, always compare mortgage rates and regularly check your current mortgage terms.

Releasing Equity

Homeowners remortgage to release equity — that is, borrowing against the increased value of the property to fund something like a major purchase, pay down expenses such as university fees, and more.

Consolidating Debt

Remortgaging might be a great way to consolidate debt.Consolidating all your existing debts with new mortgage payments can be a good way of reducing the cost of borrowing and keeping on top of your finances.

Funding Home Improvements

Yes, you can remortgage for home improvements.

Homeowners with an equity can consider this option and can remortgage their house to make some improvements. It’s a way of making good use of the equity in your home for some other home needs or other expenses.

Ideal Times to Remortgage

Timing matters a lot when it comes to remortgaging. When fixed-rate loan ends, this is the top plan to consider while you are coming to the end of the tie-in period. Mostly the fixed rate mortgage deal tends to move to the higher standard variable rate when the initial period comes to an end. You can consider remortgaging in such a situation. However, the things can change like the market conditions or your personal circumstances, so it may be the best time to look over your residential mortgage application conditions.

Understanding Market Conditions

Keep your wits about you at all times! One must also be aware of the market conditions. Interest rates offered, market conditions, and lender conditions are some of the things which needed to be followed by the home loan market. Understanding home loan conditions properly will help in judging the optimal time to stay over remortgage and enable you to find mortgage terms suitable for you.

Potential Financial Benefits and Risks

While there are arrays of benefits associated with remortgaging, it does come with risks and costs.

The overhead costs like arrangement fees, legal fees, and early repayment charges are to be factored in while making the decision making. Further, the extension of the mortgage term for cutting down monthly repayment will also increase the interest payable.

Considering all the risks and logistics involved in remortgaging it is always advisable to get remortgage advice. This will help you make an informed decision. And it will help you avoid pitfalls.


If an individual decides to go with remortgaging, these and any other ideal conditions laid down with the expert remortgaging advice will bring out the optimal savings and benefits.

Understanding the reasons, time, and market conditions will help in making a decision that favors an individual’s financial well-being and optimizes your mortgage terms.

Regularly reviewing and comparing the mortgage deals will ensure the optimum return plans for the remortgage.

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