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Commonly used at the end of a current product deal in order to save money on monthly repayments, by securing a new deal with a lower interest rate. A remortgage can also be used to raise additional funds secured against your property as a very cost effective form of lending.
As well as re-mortgaging there are a number of different ways that additional funds can be raised against your home including, a further advance from your existing lender, unsecured loan or second charge mortgage.
We will always compare these options against a re-mortgage to ensure we recommend the best deal for you.
The majority of lenders will want to know how you intend to use the extra funds. When applying for additional mortgage borrowing, the lender may ask for documentation of how you intend to spend the money.
This can vary between lenders and also depend on your personal circumstances. We can ask you lender at the time of application for an estimation of how long it will take for approval, to provide you with an idea of timescales.