Sensible borrowers choose to switch their mortgage every few years to take advantage of new offers and lower fixed period borrowing rates. If you choose to stick to your current rates you could potentially miss out on some great deals which would save you quite a bit of your hard earned cash.

Those borrowers who regularly remortgage often repay considerably less money than borrowers that stick to their original plan.

What does remortgaging mean?

Basically a remortgage entails swapping your current mortgage to a new one. This new mortgage could be with another lender or it could be with your current one.

What are the reasons for remortgaging?

• Save cash – lower your monthly outgoings by getting a better rate or more flexibility from your current lender.
• Repay sooner – shorten the amount of time you pay off the entire balance in so you own your home outright sooner.
• Raise money – you might have received a pay rise or you house could have increased in value. Remortgaging in this case could help you pay for big events like a wedding or your children’s education without you having to borrow separately.
• Consolidating your debts – release some of the equity in your home and consolidate other debts. Outgoings for loans or credit cards can have much higher interest rates than your mortgage.

Call Debt Advisory Line today on 0844 875 9190.

Debt Advisory Line is an introducer of Financial Advisory Line who are an appointed representative of Intrinsic Financial Planning Limited and Intrinsic Mortgage Planning Limited. They are authorised and regulated by the Financial Services Authority.

Your home may be repossessed if you do not keep up repayments on your mortgage.