We deal in many mortgage products here at RE-MORTGAGE – Flexible mortgages, Fixed rate mortgages, Buy-to-let and self- employed mortgages. But our specialist knowledge truly lies in the field of re-mortgage.

Remortgaging is more popular than ever, accounting for almost half of all business by mortgage companies in the last year. It can make perfect sense – but to make sure you know what you are doing we at RE-MORTGAGE offer up here some top tips to help you remortgage successfully.

· Many lenders offer a wide range of re-mortgage products – capped rates, cash back, discount, fixed rates, base rate trackers and flexible deals, for example. Be sure that your mortgage provider outlines the pros and cons of the deal your interested in.

· The mortgage lender should be able to favourably compare the new rate on offer to you with the old rate you were paying, and work out how much you will be saving each month (unless you are increasing the size of your mortgage, at the same time, in which case your repayments might not be coming down).

· If there are complications, it may take a while to sort out a new deal. Lots of people who have remortgages in the last year have had it all sorted in the space of a week, and some within a number of days. Your adviser should give you give you some idea of the time scale that would be involved.

· Some mortgage lenders have scrapped redemption penalties but many still apply them to curtain deals. A redemption penalty may be charged if you pay off or switch mortgages within a set time period. Before you remortgage, check whether or not redemption charges apply to your current mortgage deal, and if so, how much they will cost – some redemption charges can run to thousands of pounds. Also, check whether the new deal will carry redemption penalties.

· You can remortgage as many times as you like and as often as you like. But bear in mind that you might be liable to pay redemption penalties if you are currently on a capped, fixed or discount rate mortgage. And you may have to pay arrangement and legal fees. But you should look at your mortgage every year and see whether remortgaging could save you money.

· Remortgaging is viewed by some as an easy way to get hold of a decent amount of money, but it carries its dangers too, which you should consider before you go through with it. This is particularly true if you are using it to consolidate all of your other debts by remortgaging for more than the remainder of your last mortgage.

Remortgaging is a good way to make savings on your mortgage payments along with getting hold of some extra cash. However, you need to be able to balance these advantages against the fact that you could end up mired in a sea of debt, and committed to an unsuitable and expensive deal unless you are covered against the pitfalls.

Another option to take is to opt for a homeowner loan, quite similar, but well worth comparing.

Or similarly a bank loan will assist you to find that extra cash.

Visit Loans UK for more information regarding mortgages, or click here to apply for a mortgage now.