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Continue reading our guide for the facts or call direct the UK’s leading lenders direct.Whatever happens, it’s good to shop around the market even if you’re not looking to remortgage your property immediately.Such deals can be good if you want the security of knowing what your monthly repayments will be.

Offset mortgage: With an offset mortgage, your mortgage and savings account are combined, and the money you have in your savings account is counted as a temporary overpayment towards your mortgage, which could save you thousands in interest.

As you’re more likely to be paying off your mortgage for a longer period than your other debts, you are also more likely to be paying much more.

For example, if you have debts of £5,000 and remortgage with 4% interest over 20 years, you will pay just over £4,000 extra in interest.

You will normally have to pay a mortgage exit fee if you remortgage, but the savings could be worth it Improving the remortgage offers you’re likely to be accepted for comes down to your personal circumstances and the loan-to-value (LTV) you apply for.

The less you need to borrow, the more likely that better deals will become available to you.

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