Mortgage Refinancing

Mortgage refinancing is when you pay off your existing mortgage with the proceeds of a new mortgage you have obtained with a new lender, using the existing property as security again.

Most people are interested in mortgage refinancing as a means to gain a preferential rate and save money on interest payments over the term of their mortgage, and the process of refinancing is gaining popularity.

Mortgage refinancing has tripled in the last five years; there are now over 400 mortgage lenders competing for your business, offering excellent deals for individuals who wish to remortgage their property to another lender.

Its not uncommon for the new lender to offer to pay legal and valuation fees, and once you’ve shopped around and found the mortgage you want to apply for, the whole process need not take any longer than 6 weeks to complete.

In addition to just repaying your existing mortgage when you sign up to the new lender, you have the option to borrow more than your outstanding balance and release the equity in your property for a variety of purposes such as home improvements, a car, holiday and more.