Re-mortgages

Changing your lender without moving house.

Usually done to obtain a discount to reduce monthly costs or to change scheme type e.g. from a variable to a fixed rate. Re-mortgaging is often the best way to release equity to fund home improvements, clear other debts or provide a deposit for a second purchase such as a buy-to-let property. In the case of separation or divorce a re-mortgage can be carried out in conjunction with a ‘transfer of equity’ which is the procedure of removing (or adding) a party to a mortgage. In many cases funds are raised at the same time in order to meet the financial settlement of the separation agreement.

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