Remortgaging involves taking out a new mortgage to replace an existing one, primarily to save money by avoiding higher Standard Variable Rates after a fixed deal ends. It's crucial to explore new deals approximately six months prior to the end of the current mortgage deal. Even homeowners still within a deal can benefit from lower rates by switching, though potential early repayment charges should be carefully evaluated. Alternatives like product transfers can be simpler than switching lenders and should be considered as part of the remortgaging decision process.
Remortgaging offers opportunities to save on monthly payments by replacing high rates, like Standard Variable Rates, with better mortgage deals available in the market.
Some homebuyers do not realize that their existing lender may provide alternative options through product transfers, which can simplify the remortgaging process without needing to switch lenders.
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