When you re-mortgage, you are switching your mortgage to another deal, and frequently, another lender.
Re-mortgages can be used for various reasons. Most people simply switch mortgages because the new mortgage will work out cheaper than the existing plan. For example, the introductory discounted interest rate may have finished. Therefore, you could get a discount or lower APR with a new lender. Other individuals may use a re-mortgage to consolidate outstanding debts.
You may be able to switch your current mortgage with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable
You may have to pay an early repayment charge to your existing lender if you re-mortgage.