Guide to remortgaging

If you've recently moved to the standard variable rate of your mortgage, it's likely to be more expensive than the starting rate of the mortgage. In that situation, a remortgage could reduce your monthly payments.

You may also want to borrow more on your mortgage. You may want to use that extra money to invest in home improvements, to release equity for another investment or to help children with further education.

If you've come to the end of the introductory rate of your mortgage, it's likely that you'll be moved automatically to your provider's standard variable rate.

That will often be more expensive, and a remortgage could reduce your monthly repayments.

If you're facing big changes in your life, it could be that your current mortgage is no longer suitable. For example, if your income is about to change, you could use a remortgage to find a deal that's better suited to your new circumstances.

How much does a remortgage cost?

You'll need to take a close look at the conditions of your current mortgage. They might include exit fees or early repayment charges. There may also be valuation and solicitors costs when you move lenders, although most lenders will also offer fee-free remortgages.

The sums can be become complicated, so if you're unsure we recommend that you talk to your current mortgage provider and get the advice of an independent financial advisor.

Check your credit details

When you apply for a mortgage, the lender will check your credit score. If you have access to your credit report, it may be best to check and make sure that there are no errors or issues with past credit repayments or people who are linked to you financially.