Remortgage deals, in our experience, can be as competitive, if not more competitive, than home purchase mortgage deals. However, lenders do not offer these remortgage deals to existing customers and many consumers rather than taking advantage of the remortgage deals that may be available to them, choose to remain with the same lender on a standard variable rate for the term of their mortgage. This could easily be costing them hundreds of pounds a year in higher interest payments.

Remortgage deals will often be advertised as ‘free remortgage deals’: this generally means that, although you may have to pay an arrangement fee to remortgage, the lender will cover the cost of any necessary legal work, and will also carry out a valuation for free.

Furthermore, because you already own the property, the remortgage process is a lot faster than purchasing; it will generally take around four weeks, but can sometimes take as little as two or less.

Some key points:

Think Carefully before securing any other debt against your home. Your Home May Be Repossessed If You Do Not Keep Up Repayments On Your Mortgage