In today's competitive market, many borrowers choose to switch their mortgage every few years. This is in order to take advantage of new rates on offer. Those that stay on the same deal for the full term of their loan could lose out on a range of benefits, not least the opportunity to reduce the total amount paid back, which could be a significant amount in some cases.

There are many reasons people choose to remortgage, including to save money.  If you’re paying your lender’s Standard Variable Rate (SVR), they, or another lender, may offer a cheaper rate, which could save you money or allow you to repay your mortgage sooner. Some people also remortgage to raise money as higher income or a rise in your property's value means you could increase your mortgage to help pay for outgoings.

Remortgaging may be suitable for people who want to raise capital for certain large expenses, e.g. home improvements; it can also be used to raise capital for debt consolidation.  Debt consolidation may be attractive in certain situations, as the interest on unsecured loans, e.g. credit cards, is usually higher than that on a mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

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