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There are a number of reasons to re-mortgage. Most simply, there may be a better deal out there. You may be able to reduce the term of your borrowing, get a lower mortgage rate, or take advantage of an introductory offer once your current one runs out.

Many people simply forget to look for an alternative cheap mortgage at the end of introductory offers. However, on lending as large as a mortgage, even a small change in interest rates can have a big effect. There is a good chance of making substantial savings by switching to the best mortgage deal you can find.

If you have a bad credit rating, don't worry. Most lenders will have a solution for you, usually called adverse credit mortgages or just bad credit mortgages.

Comparing Monthly Mortgages Rates
The rules when you re-mortgage are the same as for a new mortgage. Monthly costs will vary depending on the type of mortgage you take out, the outstanding balance from your previous mortgage and the term over which you make the new borrowing.

If you re-mortgage over a longer term you will reduce monthly costs, but it will take longer before your home is really 'yours'. Your lender may also charge you for leaving your current deal, which will eat into any long-term savings.

If you are looking for an online mortgage UK lenders should provide full details of their products on their website.

Saving Money On Your Mortgage
Shopping around for fresh introductory deals may save money even with penalties and legal fees. Mortgage brokers are available to help with the sums. Since 1995, however, the government has reduced its assistance if you miss a payment through illness or injury, so an older, cheap mortgage may be worth hanging on to.

If you do change, your mortgage broker may try to sell you payment protection insurance, which covers any payments you miss through illness. There is no obligation to take this and even if you do, it may be available more cheaply from another provider.

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