- To replace your existing mortgage with one that is a better deal
- To obtain extra borrowing at a low rate secured against your home
Often a mortgage is taken out with a period of low fixed rate and when this period comes to an end it can really pay to re-evaluate the situation and consider a replacement remortgage. Either that, or your circumstances may have improved since the original mortgage was taken out and your improved credit and affordability gives you access to a superior deal that may have been out of reach early on.
However, jumping on a remortgage is not always the best options. As with anything, there are pros and cons of switching your mortgage.