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| Home > Mortgages > Remortgage |
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Once you already have a mortgage, you may decide that you wish to move to another lender. This is known as a "re-mortgage". The usual reason for a re-mortgage is to move to a more attractive introductory deal with another lender (see Interest Rate Options).
The technical detail of what occurs is that the new lender will use the money that you borrow from them to repay the loan that you had with the previous lender.
Your existing lender may have penalties for you to move your mortgage away, so it is important to check these first. Re-mortgaging can save you significant sums of money and may enable you to fix the rate of interest that you pay for a number of years. You will usually have to pay legal fees and valuation fees to move your mortgage but there are a number of companies that will pay these fees for you.
It is worth noting that some companies may offer you a special deal to keep your custom, so check before you do anything. |
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| Your home may be repossessed if you do not keep up repayments on your mortgage. |
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