To remortgage your house means switching your existing mortgage to a new deal. This can be done with your current lender, often referred to as a product transfer, or by moving to a completely new lender. The main aim is usually to secure a better interest rate or adjust the mortgage to suit changing circumstances.
When you remortgage, the new lender pays off your existing mortgage and replaces it with a new agreement. This may involve updated terms such as a new fixed period, a different repayment structure or a revised mortgage term. Affordability checks are carried out under current lending rules, and a property valuation may be required.
In simple terms, remortgaging is refinancing your home loan so that it reflects your current financial position and future plans more accurately.
Our main Remortgaging page explains what it involves.
Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.