Remortgaging is the process of paying off an existing mortgage with the proceeds from a new mortgage using the same property as security. It involves moving your mortgage to a new deal with another lender or moving to a different deal with your current lender. Here are some reasons why people remortgage:

• To save money on mortgage payments by switching to a new deal that offers a lower interest rate with your current lender or a new one.
• To borrow more than you currently owe, which can give you a cash injection to cover any large expenses or to consolidate other debts.
• To raise money for home improvements or a special purchase.
• To pay off a mortgage earlier.
• To reduce the size of repayments.
• To consolidate other more expensive short-term debts.

The remortgage deal you will get and how much you can borrow depends on the amount of equity you have in your property, and if mortgage lenders think you can afford the repayments. Remortgaging could also help you raise money for home improvements or a special purchase, but its important to think carefully about whether you can afford the extra amount over the full mortgage term. If youre planning to consolidate other debts, don’t forget that independent financial advice is available, and your home could be at risk if you can’t make the payments.