When you remortgage, you are switching your existing mortgage to another deal, and frequently another lender. Most people switch mortgage because it will work out cheaper for them. Others will remortgage and borrow additional funds either to consolidate debts or cover the cost of repairs or enhancements they wish to make to their home etc.
Whether you have a fixed-rate mortgage, a tracker mortgage or another type of discount rate, your mortgage is likely to be set at this special rate for a limited period of time. When this period comes to an end, the mortgage will usually revert to the lender’s standard variable rate, unless a new deal is chosen.
The remortgage process is relatively straightforward and with careful planning can often lead to a significant reduction in monthly outgoings. Here at Professional Mortgage Services we can make the re-mortgaging transition smooth and stress free, negotiating the right deals for you.