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Remortgaging simply means switching your existing mortgage to a new deal, often to a new mortgage lender. The main reason to do it is that you could end up benefiting by arranging a new deal, with a better interest rate if you need to increase your borrowing.

If you choose to remortgage, you could reduce your rate, release equity built up in your property, or move from a variable-rate deal to a fixed rate if you want to manage your budget easily.

It's worth considering re-mortgaging when reviewing your monthly payments. If this is what you're after, you should look at the rate you currently pay, check if you have any penalty to leave and then do a price check with Mortgage IQ.

By just answering 6 simple questions Mortgage IQ will be able to identify whether Mortgage IQ  can find you a better deal.

There are other catalysts for people remortgaging. When you remortgage in Northern Ireland it is a good opportunity to raise additional capital and this can be for a variety of reasons. The most common reasons fro remortgaging would be:

1. Home improvements

2. Repay Debts/Debt Consolidation

3. Invest in other property at home or abroad

4. Buy caravan/boat/car

Debt consolidation may increase the amount to be paid over the long term.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Remortgage advisers northern ireland