What remortgage means
Remortgaging is where you move from one mortgage deal to another, whether that’s with the same lender or moving to a new one. Homeowners do this to reduce their monthly payments, pay off debt, make home improvements, or free up money for life milestones such as weddings, holidays, or university costs.Why remortgage now?
There are several reasons why it may be worth remortgaging now, including:- Take advantage of low interest rates.
- To avoid moving on to the lender’s standard variable rate.
- Your current fixed deal is up for renewal - the best mortgage rates only last a short period of time, so it’s best to consider remortgaging when your fixed rate is due to expire. If you choose to remortgage through TaylorMade, we’ll send you a reminder in advance so that you have plenty of time to shop around with us.
- The value of your home has increased considerably - you may be able to reduce the amount of interest you pay by remortgaging to a better deal.
- You want a better rate than you’re currently on - if you want to reduce the amount of interest you’re paying on your loan, remortgaging can give you access to more favourable rates.
- You want to be able to make overpayments - if you’d like to overpay your mortgage but your current lender won’t let you, remortgaging can be a smart move.
- To borrow more money - you need to raise additional funds for home improvements or a life milestone such as a wedding.