Remortgages

Through a mortgage, you can avail of a long-term loan that can help you purchase your own home. A remortgage is the transfer of your current mortgage to a different loan company. It can also refer to a new loan arrangement with your existing loan company, for the same property you originally took out the mortgage for.

People take out a remortgage for different purposes but the most common reason why remortgages are popular is because in most cases it can save you a significant amount of money, particularly when the market offers low interest rates. When you transfer mortgage lenders, you can usually take advantage of a discount or a fixed low interest rate for a promotional period after which you pay the Standard Variable Rate. Either way, a remortgage can get you a better deal than your original arrangement.

Your current loan company might also be able to offer you a remortgage but the promotional deals on offer are usually reserved for new clients so it’s always best to compare your options and see which can give you the best value.