Remortgages, also known as refinancing, refer to the process of switching your existing mortgage to a new lender or renegotiating the terms of your current mortgage with your existing lender. It involves paying off your existing mortgage with a new one.

Whether you want to re-mortgage for home improvements, debt consolidation, a separation or simply to obtain a better interest rate each lender will have varying requirements for the application.

There are various reasons why people choose to remortgage. Some common reasons include:

• Securing a better interest rate: If market interest rates have decreased since you took out your original mortgage, you may be able to remortgage to a lower rate, which could result in reduced monthly payments and overall savings.
• Releasing equity: If your property has increased in value, remortgaging allows you to release some of the equity as cash for other purposes, such as home improvements or debt consolidation.
• Changing mortgage terms: Remortgaging provides an opportunity to change the duration of your mortgage, switch from a variable rate to a fixed rate (or vice versa), or modify other terms to better align with your financial goals.
• Consolidating debts: By remortgaging, you can combine your existing mortgage with other debts, such as personal loans or credit card debt, into a single mortgage payment, potentially reducing overall interest costs.

Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Choose Financial are a specialist mortgage broker and we can assist with any of the following remortgage enquires:

• Fixed rate and tracker deals ending
• Raising money for home improvements
• Debt consolidation
• Interest only re-mortgages
• Term reduction
• Product transfers with existing lenders
• Re-mortgage due to divorce or separation
• Raising money for investments

It’s essential to consider any associated fees and costs when deciding to remortgage, as well as comparing different mortgage offers to ensure it’s a financially beneficial decision in the long run. Our specialist mortgage advisors here at Choose Financial will assess your existing position and give you the best advice as to whether a change of lender is required, or if a better product can be obtained from your existing lender.

There are a variety of options available to you when looking for a mortgage. Our advisers will personally work with you, to find the right one for your circumstances.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.