Many people seek to free up spare cash by reducing their monthly mortgage payments with a remortgage. Others can look to obtain a fixed rate to avoid inflation in the future. Alternatively, others may wish to pay off their mortgage quicker, or raise capital to invest in their home.

Yes, you can lump all of your outstanding debts into a single more manageable monthly payment which reduces your monthly financial pressure. This will help you to keep up with your repayments, and avoid any penalty charges incurred by late payments. Alternatively, if you release cash by remortgaging, that cash can be used to clear debts altogether.

Individual circumstances are usually different for different people, so therefore each mortgage product will be different in order to reflect individual needs. Remortgage deals are tailored to each individual’s particular needs, their home, and their financial situation. It is therefore always best to obtain expert financial advice from a qualified adviser before making any changes.

When remortgaging your home there is usually an arrangement fee for the new mortgage. Fees payable vary from lender to lender. You may also need to pay:

1. Valuation fees (some lenders can offer this free as part of a remortgage deal)
2. Administration charge
3. Solicitors legal fees
4. Exit fees (sometimes payable if your existing mortgage has not come to the end of its term yet)

Remember to account for these costs when you are working out how much you will save when remortgaging.