What is a Remortgage and How Can it Help Me?

A remortgage is exactly what it sounds like, it is basically repeating the mortgage process and obtaining a new mortgage. It is not an additional mortgage on the property that is added to the original mortgage.  A remortgage involves obtaining a loan to pay off the debt on the first mortgage leaving a new "remortgage" as the loan on the property.

A remortgage can be obtained through the lender of the original mortgage or a completely different lender.

A remortgage can be done more than once and there is no limit to how many times you remortgage. It should make financial sense to do so when obtaining a remortgage.  For information on obtaining a remortgage more than once, please see: Can A Remortgage Be Done More Than Once?

Obtaining a remortgage can be for a variety of reasons not limited to obtaining a lower interest rate, getting cash on the equity built in the property, or to obtain a different type of loan product.

A remortgage isn’t right for everyone: When A Remortgage Is Not Right.

It is important to do your own personal research to decide if a remortgage will or will not benefit your financial situation. Contacting a remortgage specialist for advice and options would be a good place to start in your research.