Mortgages offered by lenders today have improved over those on offer even one year ago. Mortgage lenders are now offering new features, better interest rates and improved terms and conditions.

When you remortgage, you effectively replace your existing mortgage with a new one, moving from one mortgage lender to one that is more competitive.

Escape high interest rates
Remortgaging is a good way to escape high fixed interest rates and many astute homeowners are moving their mortgages to more competitive lenders to save money. In the case where your existing mortgage has a penalty clause built in, remortgaging often reduces your monthly mortgage payment enough to still save you money in the long run.