The bottom line is you’re looking for a mortgage with a cheaper interest rate.
However you have to keep your eye out for the usual catches.
Watch out for tie ins, either with insurance that goes with the mortgage, or the penalties that will hang like a noose around your neck to make you stay with the lender after the special rate has expired.
Obviously you don’t want to switch mortgages to supposedly save money only to find yourself trapped in an unnecessarily expensive deal.
These drawbacks should be taken into careful consideration – but they’re easily checked.
The best remortgaging deal may be one that doesn’t offer the lowest interest rate but doesn’t tie you in.
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