The process of a remortgage is when you pay off your initial mortgage with the money from a new mortgage, using your same property as the security. The most common reason for remortgaging is to benefit from a better interest rate from a different lender. The term “remortgaging” is mainly used commercially throughout the United Kingdom, but it’s not a process that is uniquely British.
Remortgaging doesn’t usually involve moving house or actually taking out a second mortgage on the property, it is essentially just transferring your current mortgage from one lender to another. There are a number of reasons for people wanting to remortgage, including to reduce the size of monthly repayments, to raise capital, to consolidate other debts, or to be able to pay off the mortgage sooner.
Contrary to popular belief, there are some extremely attractive remortgage deals available. Again, many of these deals are not widely available but we are able to sources some great offers at rates that will probably surprise you.
If you would like further details please do not hesitate to contact us on 0800 612 7729 or fill in a few details on enquiry form and have one of the Leapfrog Finance Advisors call you back, alternatively, email us at Enquiry@leapfrogfinance.co.uk