Remortgaging is the process through which someone can change their mortgage deal and, frequently, their mortgage lender.
Remortgaging is most frequently undertaken as it can save you money, especially if you have debts to pay, your property has increased in value or you wish to take advantage of a more competitive mortgage rate from another lender.
To find out more about remortgaging, get an impartial view by visiting the FSA's Money Made Clear website
I've decided to remortgage my property. What happens now?
If you've decided to opt for remortgaging, the first step usually involves a fresh survey of your property in order to establish its current market value. The updated value of the property will take into account any improvements you may have made to your home and changes in the regional or nationwide property market.
Through remortgaging, the majority of the sum you have borrowed from your new lender will go to your previous lender. Any money you have left after that is yours. Many people use funds raised through remortgaging to repay debts incurred on credit cards or through personal loans, while others use the money from remortgaging to make home renovations.
Get more remortgaging information from Legal Advice Helpline
If you're thinking about remortgaging your property, but you're unsure of the implications, the FSA's Money Made Clear website has all the information you will need.
You'll also be able to contact us for more information on debt consolidation loans, including unsecured loans and secured loans.