In brief, a remortgage is a new mortgage taken out to replace an existing mortgage with the potential to reduce or increase the debt.

The very structure of mortgage business these days means people need to consider remortgaging every 2 - 5 years.

Fixed rate and tracker mortgage offers have 'tie-ins' for certain periods of time these are known as Early Redemption Penalties. However, once the offer has expired there are usually no penalties and borrowers are able to shop around and remortgage to another offer.

It makes sense to shop around 3 - 6 months before the ned of an existing offer to avoid the possibility of an interest rate shock.

In recent years the mortgage market has changed radically and there has never been a greater need for good quality advice.

The internet has made it easy to see what deals are available but mortgage lenders now have much tighter criteria making the process even more of a minefield.

Creditmarket.co.uk does not provide financial advice just access to qualified, regulated advisers across the UK.

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