Remortgage
A remortgage is when you replace your existing mortgage with a new one, either with your current lender or a different one.
1 min read Buying a Home
What it means
A remortgage is when you replace your existing mortgage with a new one, either with your current lender or a different one. People often remortgage to get a better interest rate or change their mortgage.
Example
Your fixed-rate mortgage ends, so you switch to a new deal with a lower interest rate.
Why it matters
Reviewing your mortgage when your deal ends could reduce your monthly repayments.
Many people remortgage several times over the life of their mortgage.
Do I have to move home to remortgage?
No. A remortgage usually involves the same property.