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If you are in two minds about whether or not to remortgage, there are a few reasons why it may be worth doing so:
Depending on what your mortgage deal is at the moment, some mortgages include charges when you leave, such as an early repayment charge. It is important to check with your lender to find out if there are any fees that will have to be paid.
Do you now have savings that you would like to offset against your mortgage amount? Are you on a fixed rate mortgage that has now expired? Or do you want to lower your monthly payments? Whatever reason, first think about what you need from your new mortgage and how this will affect your future needs.
When applying for a new mortgage, new lenders will check both your credit history and score. It is important that before you apply, you are in a position to look for a new mortgage.
The lower your LTV, the more mortgage deals that will be available to you. You can work out your LTV by dividing your outstanding mortgage balance by the current value of your property.
If you have a healthy LTV, then lenders will be more willing to provide you with lower rate mortgages, and you would have more opportunity to release equity to help you pay for home improvements such as a loft conversion or extension.