What exactly is a remortgage?

If you decide to move your mortgage from one mortgage provider to another then you are getting a 'remortgage'.

People remortgage because new mortgage deals are coming onto the market all the time - and if it's cheaper than our existing mortgage then why not switch! You don't even have to change lender, you might see a better deal with the same company - but it still counts as a remortgage because it's a new contract.

We always recommend keeping your eye out for cheap mortgage deals - even a reduction of 0.50% could make a considerable difference to your monthly repayments. Be aware however that many mortgage agreements charge you redemption penalties if you leave, especially if it's in the introductory period of the mortgage (usually 1-5 years).

Remortgaging is quite simple, and a lot easier and quicker than the mortgage application process the first time round. If you can provide all the correct documentation including bank statements, payslips, existing mortgage statements and proof of identity - your new mortgage could be organised within 4-6 weeks.