Remortgage

This usually involves moving the mortgage debt from one lender to another. Why would you do this? Different lenders offer rates that could lower the cost of your monthly repayments saving money over the long term vs. staying with your existing lender.

The lender would assess both you and the property before making a mortgage offer, some legal work is required but on a smaller level compared to a purchase. When accessing the property it will take into account any reduction in mortgage amount requested and property growth if any which may further improve the rate of interest.

As an incentive to re mortgage some lenders offer a free valuation property and legal work with the mortgage product which helps to keep costs down.

See also: Purchase, Buy-to-let