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Q
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What does remortgaging involve?
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A
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Remortgaging simply means negotiating and switching to a new mortgage deal and perhaps also to a new lender.
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Q
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Why do people remortgage?
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A
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In short, people remortgage for financial reasons. Often when mortgages are taken out they start with special discounted repayments, but once that period ends it makes sense to refinance to reduce the payments again. Common reasons for remortgaging include:
- Reduce mortgage repayments
- Debt consolidation to reduce outgoings
- Raise money to extend or improve the home
- Raise cash for any other purposes such as weddings, business ventures etc.
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Q
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How long does remortgaging take?
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A
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This depends on various factors but typically approximately 1 month.
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