Hi Sarah A remortgage is where you switch your current mortgage onto a new mortgage deal – either with the same or a different lender. The most common time to remortgage is when the introductory product period either fixed or variable ends. For example if you signed up to a 2 year fixed rate at the end of the 2 years you have the choice of going onto the lenders variable rate, switching your product to a new deal or remortgage away to a new lender. This could happen because a new lender may have a better rate to offer you or the existing lender may chose not to offer you a new deal for a variety of reasons. You do not have to wait until your product period ends to remortgage but lenders will often have a penalty charge (early repayment charge) if you remortgage within the product period. Some lenders do have products that come a with no early repayment charges but the majority charge if you want to remortgage during this period so always check this before you proceed.
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