Thousands of people would be better off remortgaging and saving money on their monthly payments.
You should consider remortgaging if:
- Your mortgage deal has ended and you are paying a monthly payment based on your lender's standard variable rate (SVR)
- You took out your mortgage when interest rates were much higher and the deals now available make more financial sense
- You want to borrow a bit more, maybe for home improvements. This could be seen as an investment in the long term as you are borrowing to add value to your home
- You are moving house and you think you can get a better deal on your mortgage
- You want to try and consolidate a large debt that you are struggling to pay as it could be a way to lower the cost of your debts. For instance the interest rate on the remortgage will probably be less than the interest rate on a large amount of credit card debt. You should remember though that if you fail to pay your monthly payments, you risk losing the roof over your head