love where you live? why not remortgage

Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could potentially get a new discount rate, or a lower interest rate, with another lender. Another example is when you may need to remortgage to consolidate debts.

It is worth noting that a remortgage is not the right option in all cases. Even if the lender you are considering switching to is offering a lower  interest rate, you must take into consideration the facts that:

· The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.

· If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.

Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.

Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable.