Remortgaging can save you a lot of money. Sometimes it makes sense to move your mortgage rather than move house.
In some borrowers cases, thousands of dollars in interest can be saved by changing to a new mortgage deal. Remortgaging is when a borrower replaces a loan with an existing lender and usually switches to a new lender. Sometimes your own lender will have a better deal than the one you are currently on. So remortgaging in your own lender's institution can sometimes be the best option, cutting out any new search fees, valuation and credit checks.
Well first up, by moving your mortgage you must figure on what you have to gain.
Remortgaging can realize the equity build up in a property and use it to finance further investent. By remortgaging you can move from a fixed rate of interest or visa-versa making managing your finances, and your mortgages, easier to manage.
As your credit rating or financial position changes then a new lender might offer you a better deal on interest rates. Remortgaging would give you he opportunity to take advantage of this. Of course if another lender offers you a better deal, before remortgaging you should take that offer to ypur existing lender and see what they can offer in response. Something to be vary wary of is if on your existing loan is subject to any early redemption charges.