Mortgage payments are the biggest cost that most homeowners face, so you need to review your mortgage regularly to make sure you have the best deal. What homeowners should be aware of is that using a mortgage to consolidate debts will increase the amount of credit secured against the home and that paying back previously short term debts over a longer period of time will mean that a greater total amount of interest will be repaid over the term.

Here are a few reasons why you may need to remortgage:

• Lower your mortgage payments - don't get stuck on the lender's Standard Variable Rate as there are plenty of good deals around as lenders are keen to win your business. We search the market on your behalf to help you lower your payments. The Consumers' Association, publishers of Which? Magazine, estimates that the average person on a standard variable rate (SVR) mortgage could save almost £400 a year by switching.

• Home Improvements - remortgaging could allow you to release this equity to pay for home improvements, such as an extension or loft conversion to your home. Home improvements can add on value to your property.

• Buy another property - remortgaging could allow you to release this equity to put down a deposit on a 2^nd property, such as a buy to let investment or a holiday home in the UK or overseas.

You may have to pay an early repayment charge to your existing lender if you remortgage. 

For further assistance, call us on 0800 612 7688.