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An Introduction to Remortgaging

Many of us will have a requirement to remortgage at some point in our lives and for a number of reasons.


Remortgaging your property is the process of paying off one mortgage with the proceeds from a new mortgage whilst using the same property as security. The term is mainly used commercially in the United Kingdom, though what it describes is similar to many other parts of the world.


The process of remortgaging does not usually involve moving house or taking out a second mortgage on the property; it is in effect the transfer of a mortgage from one lender to another. Homeowners may choose to remortgage for various reasons, usually to reduce the overall monthly mortgage payment amounts. However, other reasons may include to reduce the size of repayments, to pay off a mortgage earlier, to raise capital, or to consolidate other more expensive short term debts.


In the United Kingdom the majority of remortgage rates track the Bank of England base rate.


We would always recommend that you take expert advice before looking into remortgaging your property – please contact a member of our team to explore remortgaging in greater detail.

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