cheap mortgage - remortgaging

In some quarters, 'remortgaging' used to be a dirty word, commonly associated with bankruptcy. These days, however, the term is no longer perceived as the last resort of the financially desperate. On the contrary. Remortgaging simply means switching your existing mortgage to a new deal, and usually a new mortgage lender, and the practice has become very popular in the UK.

There are literally millions of borrowers currently paying their lender's standard variable rate (SVR). No lenders SVR will be the best deal they have on offer. Unless you have just come out of a special deal (such as a fixed rate or a discounted rate), there is nothing to stop you switching off the SVR to a lower rate or a more suitable deal. And even if you have just come out of a special deal and are obliged to pay a penalty to switch to a new one, the figures may well add up in your favour.

Most people who don't bother to change their mortgage suffer from apathy - they simply don't want the hassle of filling in another form. But these days the process is easier than ever before. Mortgage lenders are bending over backwards to poach each other's customers - so why not take advantage of the situation?