Remortgages

Remortgaging is fairly simple in theory; an existing home loan is replaced by a new loan (remortgage) based on the value of property. Remortgage funds are used to repay money owed on the original mortgage (a type of creditor) often secured on a more preferable rate. In many cases remortgaging can be a form of equity release resulting in surplus funds being made available for other purposes.

There are many reasons why a homeowner may look to remortgage their property and a number of factors to take into consideration.