Get a new mortgage without moving home

If you've had a mortgage for a few years, you're probably paying too much. A remortgage enables you to get a better deal from your lender or from a different one. You can also use a remortgage to raise extra money for home improvements or to pay off debts.

Interest rates are very low these days, and if you've had a mortgage for a while you could probably pay considerably less cash each month by getting rid of your existing mortgage and starting again. This is known as a remortgage, and the majority of lenders will be happy to remortgage your property.

A remortgage doesn't have to be with your existing lender: you can move your mortgage elsewhere to take advantage of better deals. However, before you do this it's important to read the small print of your existing mortgage, because many lenders have "lock in" periods: move your mortgage during this period and you'll be charged a fee, which is often rather hefty.