Remortgage options
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A remortgage is the process of replacing your existing mortgage with a new one, either with your current lender or by switching lenders. A remortgage is a good option for those wishing to take advantage of a lower interest rate or better mortgage deal with a new lender, or for those wishing to increase their mortgage and release more of the equity tied up in their home.
Lenders are often more interested in attracting new customers than keeping their current ones happy. New customers are generally attracted by mortgage deals with reduced rates or cash incentives that run for a set period of time, usually between six months and five years. Once the deal has run its course, borrowers usually revert to the lender’s standard variable interest rate, which generally is not the most competitive rate to borrow at. At this point, many borrowers seek better deals in the market and remortgage in order to take advantage of a new introductory offer with a new lender.