One reason to re-mortgage is to borrow more money against the value of your property. You may be planning home improvements, but don’t want to take out a personal loan to fund the work, or you might want to borrow extra cash to consolidate your debts.
Remember, it’s important to consider all of your borrowing options carefully, and to seek independent advice if you’re unsure what to do. If you're in financial difficulties we do not recommend that you borrow or increase your debts.
Be aware that if you’re borrowing more, your monthly repayments are likely to rise. It’s important that you make sure you can comfortably afford them as your home may be repossessed if you can’t keep up with the repayments.
If you are considering remortgaging, always check the options available with your existing lender first before switching to a new lender.