A remortgage, simply put, is a new mortgage you take out on a property you already have a mortgage on. This replaces an existing mortgage or it is used to borrow money against the property. It’s a common practice that allows homeowners to take advantage of favourable burrowing rates.
Our remortgages in Bromley are made to help you gain a range of potential benefits. These include, but are not limited to:
- Gaining additional funds for your savings plan
- Increasing your daily budget for non-essential activities and other expenses
- Having enough funds to carry out home improvement projects
Ultimately, it’s about putting more money in your pocket, for you to use in whatever way you see fit.
How Remortgage Works
As mentioned, a remortgage will require you to switch your existing mortgage for a new one. This deal can be arranged with your current lender or a new one. A remortgage is easier to apply for than a regular mortgage. Since the property is already under your name, there is less work involved in transferring a mortgage.