There are many reasons to consider remortgaging, the main being if the deal with your current lender is coming to an end. It’s likely your existing lender will offer you another deal, however it is worthwhile having a chat to ensure you are getting the right deal for you. There are thousands of mortgage products available at any given time, and so whilst your current lender may have provided the right deal previously, that may no longer be the case. Even very small differences in interest rate can mean saving hundreds, or even thousands of pounds over your mortgage term. Other reasons people may decide to remortgage could be to borrow more money to do home improvements for example, or to consolidate other existing debts.

Think carefully before securing other debts against your home. Consolidating debt may reduce your outgoings now, but you may end up paying more overall. Your home may be repossessed if you do not keep up repayments on your mortgage.