Remortgaging simply means changing your mortgage without moving house. Years ago, people would just stick to the same mortgage all of the time, but these days many more people are changing. It is something which is quite simple to do.
You could choose to take a different mortgage with your current lender. They may have one that suits you better or that can save you money. Alternatively, you may decide to change to a different lender. You may feel that they can provide a better service or that they have something which will be cheaper for you in the long run.
There are many reasons why people might do it, the main one being that it can save money. It may seem like hard work to look around for a new deal and you may worry that another company may not want to take you on. The thing is that it does not need to take that long and you could end up being a lot better off in a selection of ways. It can be well worth while taking a look at what you are getting from your mortgage and what you are paying for that and seeing whether you are getting the best deal around.
With the Internet, it is very easy to have a look around and see what other companies are offering with regards to mortgages. You can easily see whether what you have is offering good value for money or not and decide whether you think that you might be better off switching to another one. There are a lot out there, but try not to be daunted by the choice, feel happy that you are more likely to find a good one.
If you change mortgage companies then you may have to pay administration charges and if you are tied in to your company you may have to pay a fee as well. However, it is worth calculating whether you will still be better off if you change mortgages.
It may feel like a lot of administration, but it is only one form to fill in and often yo can do it online, so you do not even have to write anything, you may even be able to do it over the phone and then just sign something that comes in the post to you. It need not be a lot of hard work and it can make a big difference to you.