Why should I remortgage?

There are a few reasons why people consider remortgaging in the UK:

1. To save money on monthly repayments
   Some people consider a remortgage to get a better rate so they can save money on their monthly repayments. When considering a remortgage, it is worth looking at all the costs involved in moving your mortgage and ensuring that you are saving money overall, not just on the repayments.
2. Consolidate debt – such as loans and credit cards
   If you have unsecured debts such as credit cards, personal loans, overdrafts, you may wish to consolidate your short-term monthly outgoings onto your mortgage. You may end up paying less on a monthly basis, but you should be aware that over the term of your mortgage this could cost you more as you will be paying interest over a longer period.
3. Make improvements to your house
   Adding an extension to your home or having your loft converted can be more convenient than moving house in the UK, and could be paid for through equity release when you remortgage.
4. Borrow more
   Releasing the equity on your house can raise funds to pay for large outgoings, such as a wedding or a holiday.

Related articles:

• Can remortgaging save me money?
• Steps to completing your remortgage
• Finding the right remortgage deal for you
• Types of mortgages
• Remortgage rates
• Buy to let remortgages