Remortgage borrowing money against your home

There are different types of re-mortgages, understand the pros and cons and request the lender to explain the elements of the mortgage

It should be easy to get a remortgage from your existing lender. Before you remortgage check whether early redemption charges apply to your existing deal, and if so, how much will be the cost. Exit fees are charges levied when you move to a new lender.

Try a mortgage broker they may be able to find the right mortgage for you. They will obviously charge for their services. However, they are bound by a code to treat customers fairly and are regulated by the Financial Services Authority.

There are different types of remortgages available. Make sure you understand the pros and cons of whichever type of remortgage you are interested in and also request the lender to explain the elements of the mortgage. The interest rate you will be paying and how long for, will it be fixed or capped rate etc.

Remortgage may work in your favour depending if you manage to get a better deal. However, your repayment may increase depending on the size of your mortgage and the rate of interest. Do not forget that there may be a fee of around £1,000 on a new mortgage.

You can apply for remortgage as many times as you want. There is no limit how many times you can apply for remortgage, however you may be liable to pay early redemption charges if you are currently on a fixed, capped or discounted rate. It is better to look at for mortgage every year it is a kind of saving money if you get the right deal. is not authorised to give advice under the Financial Services and Markets Act 2000. The general information and material provided and published on this website is for interest, understanding and for common knowledge purpose only. The details provided should not be taken as any kind of advice and cannot and should not be used to solve any kind of financial problems. You must take proper advice from authorised firm or financial advisor. We do not recommend or endorse any kind investment, advisor, product or services. We do not offer or imply any kind of advice, financial or legal. It is your responsibility to take appropriate action suitable to your needs.