A remortgage, is when you take out a new mortgage against your existing property and repay your current mortgage to your existing lender if you change lenders.

If you are on a lenders Standard Variable Rate (SVR) or will be soon when your deal expires, it may be wise to start looking for a new mortgage product so that you don’t have to pay the high SVR rates.

You may also want to release capital to enable you to pay for some home improvements or purchase a Buy to Let property.

You may even want to consolidate your debts to reduce the financial weight of your debt payments each month.