Re-mortgages can be useful for many reasons, including:
- To make savings: If your original deal was taken out when interest rates were high, or your current deal has come to an end, you could well save yourself money by switching deals.
- Reduce your monthly payments: If you are not looking to take savings in the long term, but more to cut your monthly costs – maybe there has been a change in your income, you could switch to a longer loan period which would cut your monthly repayments
- Borrow more: If you need extra cash, maybe for home improvements like a new kitchen or bathroom or an extension, you could remortgage to release the money to pay for the work.
- Debt consolidation: If you have debts at high rates of interests, putting them onto your mortgage instead could save money.
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