You could save hundreds:what is remortgaging and how does it work?

Remortgaging is one way to improve the circumstances of your mortgage. Once can look up companies on their own or use a mortgage advisor to assist in finding a reputable company. Be careful for penalties for paying off the mortgage early or moving before a set date in the terms. Also, examine what fees are a part of the remortgaging process. It may be possible to save a lot of money by remortgaging but only if you do your research.

Key Takeaways:

  • Remortgaging is applying for a mortgage on a property you already own.
  • You can apply through a broker or advisor in order to find the best deal for your situation.
  • When remortgaging check to see if any there are special fees or penalties.

“Mortgage borrowing is usually the biggest debt any of us have, which means that making sure you are on the best rate possible can save you hundreds of pounds a month. A few percentage points really make a difference to the monthly cost so understanding how to remortgage is essential.”

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