When you remortgage you're not buying a new home you are effectively switching your mortgage to another lender or product in order to reduce the amount you are paying for your existing mortgage.

The reasons for remortgaging are effectively twofold:-

• to save money.
• to raise additional funding.

Remortgaging to save money.
This involves switching to a lender or product with a lower rate of interest so that your monthly mortgage payment reduces.

Remortgaging to raise funds.
This involves switching to a lender or product with a lower rate of interest so that you can borrow more against your property for the same monthly outgoing.

Obviously there are a number of things that you have to consider in both cases you must understand the mortgages that are on offer, are there penalties for switching at a later date, how will the interest rate be varied in the future, are there any set-up fees and survey fees?

Some more details on home remortgages uk .