Remortgaging - all you need to know.
What is a remortgage?
A remortgage is where you end your mortgage with your current provider and take out a new mortgage with a different lender.
How does remortgaging work?
It works by taking out a mortgage for your existing property with a new lender, and using the proceeds to pay off your original mortgage.
If you remortgage to Halifax, we’ll arrange for a solicitor to do this for you and pay our own legal fees . If you would prefer to instruct your own conveyancer , you must arrange and pay for these services yourself.
If you want to, when you take out your new mortgage you may be able to borrow more money at the same time, for example to pay for home improvements.
Why should I remortgage?
Remortgage to save money
For lots of people in the UK, their mortgage is their largest monthly outgoing. So even a small change in the interest rate being paid could result in significant savings. Checking out deals from lenders other than your current provider could help you save money on your mortgage.
If the value of your property has gone up since you took out or last made a change to your mortgage, then the loan-to-value of your property may have reduced. This could mean you’re eligible for a lower rate than you’re currently on.
Remortgage for flexibility
We live in changing times, so you may want a mortgage that gives you the flexibility you need to help you through life’s ups and downs.