Everything You Need to Know When Getting a Remortgage

A remortgage is when you apply for a new mortgage with a different lender, but stay in your current home. It’s not the same as some people’s remortgage definition of borrowing more money from their current lender.

It’s definitely worth checking the latest offers if your current mortgage deal is about to end, or has already moved to a follow-on rate. For example, if your property is worth more than when you bought it, your loan-to-value ratio may have changed – and this could mean you have access to a wider range of deals.

It’s important to think about your wider financial situation when considering how to remortgage your home. Understanding what happens when you remortgage is also key, so here are the steps you’ll need to take.

1. Complete an Agreement in Principle

2. Consider all the costs

3. Apply for your new mortgage

4. Completing your remortgage