If you believe that your existing mortgage is costing you too much money, you may wish to consider a remortgage. A remortgage may also come in useful as a borrowed lump sum that can be used for other expenses. You could potentially make significant long-term savings with a good remortgage. For example, if your current lender issued a mortgage with a low introductory interest rate which increased after a certain period, a remortgage may be a suitable method to maintain the lower interest rate. A further common reason for obtaining a remortgage is debt consolidation, provided that the remortgage value is higher than the outstanding balance on the borrower’s existing mortgage. You may have already paid off a significant amount of your existing mortgage, in which case you may wish to instead consider an equity release plan, of which two types are available:

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• The Home Reversion Plan – a loan is redeemed upon confirmation of the sale of a portion of your home. The interest that the lenders receive takes the form of the increase in the value of your property.
• The Equity Release Mortgage Plan - this plan works in a similar way to a standard mortgage, but the one significant difference is seen in the way that interest does not have to be paid monthly. You can borrow an agreed sum of money against your home, and not pay any interest until the property is sold. It is at this point the lender redeems the loan, plus any interest that has been accrued.