What is remortgaging?
Remortgaging refers to when you move your mortgage from your existing lender to a different provider without moving home.

What are the benefits of remortgaging?
There are many reasons for you to decide to remortgage your property including:

• Consolidating existing debts into your mortgage. This can lead to lower rates of interest than would otherwise be possible, helping reduce your payments on that debt. However, as the debt will become part of your mortgage you will be repaying it over a longer term and may end up paying more interest over time.
  
• Releasing any equity you have in your property to fund home improvements. Home improvements can actually increase the value of your property if carried out correctly.
  
• Reducing your monthly repayments. In the time since you took out your original mortgage, you may have built up equity in your property meaning better mortgage deals may now be available offering lower rates of interest.

What are the disadvantages of remortgaging?
If you are looking to remortgage you should be mindful of a few things:

• Your existing product may have an early repayment charge or other fees that may become payable.
  
• When switching your mortgage to a different lender, legal representation and a valuation of your property will be necessary. Depending on the product you choose these fees may be provided free of charge.

How much does it cost?
Remortgaging to the Tipton can be very cost effective. For instance, by choosing one of our Trouble Free remortgage products we will cover the cost of any standard valuation and standard legal fees.

You will have to pay an arrangement fee, however this fee is added to your mortgage meaning there may not be any up front costs.

So what do I do next?

Our 'making it easier' initiative means it is easier than ever to switch your mortgage to the Tipton. It is so simple we can complete the product advice and recommendation over the phone with any forms being completed through the post.

You can, of course, still pop in to your local branch to discuss your options in person, often without an appointment.

If you would like more information on switching your existing mortgage to the Tipton, please click here.