A remortgage to a new lender can enable you to get a better mortgage rate and therefore decrease your montly payments. This is particularly true if your existing mortgage has reverted to a standard variable rate and increased your monthly installments.

A remortgage can take as little as a few weeks and can be a simple process if managed effectively. Rates can change daily so it is important to get up to date with what is available.It can be useful to use a mortgage broker to source your product for you as they will have access to software that updates automatically, and will be easy to search.

The remortgage rate you qualify for will be dependant on your credit history and employment status. When choosing your mortgage it is important to look at the mortgage conditions, including any redemption penalties and the overall cost for comparison. The best rate for you is not always the best introductory rate.