Basically, a remortgage is when you pay off one mortgage with the money from a new mortgage using the same property as security.
There are hundreds of remortgage options out there from scores of different lenders. These include variable interest rate remortgages, fixed remortgages, capped remortgages and tracker remortgages.
The type of remortgage that suits you will depend very much on your own personal circumstances and needs. A fixed rate home remortgage will offer you the security of a set monthly repayment over an agreed length of time. Meanwhile, variable interest rate and tracker remortgage repayments will fluctuate as the Bank of England adjusts its rates. Capped rate remortgages offer the best of both worlds, but can be expensive.
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