A remortgage is a process of taking out a new mortgage loan on a property that a person already owns. The property itself acts as security against the new loan. Remortgages are common practice in the property industry, as circumstances inevitably change in the years following the initial loan. As rates change and new deals become available, it is essential to check regularly to see if there is a better mortgage deal out there.

Although many people may not think it, sticking with the same mortgage for the full duration of the term is relatively rare. For most people, getting a mortgage will be the biggest financial commitment of their lifetime, and is often seen as a significant milestone. But the idea of paying back the mortgage is an intimidating thought for many, due to the length of time they commit to doing so as well as the huge financial implications.

However, remortgages are a great way to give you peace of mind that you are getting the best deal you can. Every homeowner is different and there are many reasons why they may consider taking out a remortgage on their property. Perhaps after reviewing your finances you decide that you want to save some money by taking advantage of lower interest rates or are seeking a better deal. You might have come into some money through a pay rise at work and would like to make overpayments on your mortgage.

Whatever the reason, it is essential to carry out thorough research and compare the rates and deals available. As you would shop around for car insurance when it comes up for renewal, you can apply the same practice to your mortgage. Taking time to research the new deals out there could help you save money, give you more flexibility, as well as getting you a better deal.

At Move Home Hub, we facilitate an expert online conveyancing service for your remortgage. We use a network of licensed conveyancers who specialise in property transactions and can provide a seamless and streamlined service for every customer.

Get your free, online conveyancing quote for your remortgage today!