Quotesure - Remortgages
To remortgage is to switch your existing mortgage to another product either with your own lender or a completely different lender. In fact as many as 4 out of every 5 homeowners are paying too much for their existing mortgage.
It is common now when taking out a mortgage that you are given a promotional rate for a period of time often 2 or 3 years. Once this period comes to an end the mortgage interest rate will normally revert to the Lenders Standard Variable Rate (SVR), which will normally be a higher rate and as such would then mean your monthly mortgage payments would increase.
Therefore it can be well worth remortgaging your current mortgage in order to then secure a lower rate for another set period. Before contacting a mortgage broker it is wise to see what your current lender is able to offer you and then the mortgage advisor can calculate whether it is best to stay with your existing lender or whether to move to a new lender that very often will be able to offer a free valuation and free legal services and sometimes no arrangement fee also to encourage you to change lenders ad ultimately save money.