To reduce your mortgage payments+
You may have taken out a mortgage a few years ago and be paying a higher rate of interest than one that we’re offering, or a variable rate which you’d like to swap for a fixed rate so that you can budget more efficiently. Finding a lower rate of interest when you move your mortgage, means that your monthly payments will be lower.
To borrow more money+
You may want to make home improvements as a cheaper alternative to moving home. Borrowing more money through a new mortgage allows you to do this by releasing some of the equity in your home. Remember though, that increasing the size of your mortgage may mean larger monthly payments.
Change in circumstances+
Any change in your circumstances could lead to different mortgage requirements. You may have suddenly come into some money and want to pay off some of your mortgage or reduce your mortgage term.
You may have an Interest Only mortgage and feel that your investment vehicle is not going to cover your mortgage and so need to change to a Repayment mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.