To remortgage means that you are either switching your mortgage deal with your current lender or switching lenders entirely for a better more cost effective mortgage deal.

Reasons for remortgaging could be to just take advantage of a better deal, because very often after your initial promotional rate expires with your lender you end up on the lenders standard variable rate (SVR) or it could be to borrow additional monies perhaps for some home improvements.

It is important to consider the costs that can be incurred in changing lenders, there will be the release fees from the lender, the early repayment charge (ERC) if you were to leave the lender early, valuation fees and legal conveyancing fees. Luckily many lenders offer some incentives to encourage you to move your mortgage and these can include free valuations and free legal fees and some will even waive their arrangement fee allowing for a fees free remortgage deal.

We have a handy remortgages calculator that can calculate how much you could save by remortgaging to a lower interest rate, or how much it would cost you to increase the size of your loan and you can choose from a Tracker, Fixed, Capped, Discounted or Flexible remortgage.

Our mortgage advisors will be happy to make these calculations for you to determine what is the best course of action for you in remortgaging, thus ensuring that to remortgage is worthwhile or not.

Your property may be repossessed if you do not keep up repayments on your mortgage.

For more information on how we are paid for mortgages please click here.

Grovelawn Financial Services, 1C Restormel Industrial Estate, Liddicoat Road, Lostwithial PL22 0HD — T: 01208 872689