What is a remortgage?

Answer

A remortgage is the process of applying for a new mortgage with a new lender for your current home. 

Usually, people would apply for a remortgage on their house when looking for a better interest rate than they currently have, or when a fixed-term mortgage is due to expire. A remortgage does not necessarily mean that you need to change lenders, you may find a new deal with your existing lender. 

Generally, when applying for a remortgage you will need to firstly apply for an agreement in principle to verify whether the lender is willing to approve the remortgage. Once you have this confirmed, you can complete the remortgage application. Credit checks will be completed by the lender, the property will be valued and a conveyancing solicitor will handle the transfer of the mortgage.