Guide to remortgaging

If you've come to the end of the introductory rate of your mortgage, it's likely that you'll be moved automatically to your provider's standard variable rate.

That will often be more expensive, and a remortgage could reduce your monthly repayments.

If you're facing big changes in your life, it could be that your current mortgage is no longer suitable. For example, if your income is about to change, you could use a remortgage to find a deal that's better suited to your new circumstances.

You'll need to take a close look at the conditions of your current mortgage. They might include exit fees or early repayment charges. There may also be valuation and solicitors costs when you move lenders, although most lenders will also offer fee-free remortgages.

The sums can be become complicated, so if you're unsure we recommend that you talk to your current mortgage provider and get the advice of an independent financial advisor.

It's definitely possible to remortgage, even if you have bad credit. Of course, the best possible deals probably won't be available to you if you have bad credit. It's likely your lender will want to charge a higher interest rate to offset the higher risk you present.