Mortgages do not require borrowers to be loyal to a particular lender. Borrowers can change lenders if they get a better offer from another lender. Often it becomes necessary for a home owner to try and refinance a mortgage loan that he or she could have availed. In such cases, the house owner can switch the mortgage loan from one mortgage provider to another. This process of switching mortgage providers is called re-mortgaging.

Before changing a mortgage provider, there are some basic information that a borrower needs to know. Knowing the details will help one to identify the best deal and lessen any hassles that one may encounter while trying to avail a mortgage. Usually, remortgages are financial facilities that one avails for a benefit. There could be many reasons why a house owner would try and remortgage the property. The biggest reason would be an offer from a new lender that provides lower interest rates. However, there also could be other reasons such as consolidating a long-term mortgage, repaying a debt, buying new appliances or a car etc.

One of the most popular reasons why people go for a remortgage is to reduce one's monthly repayments. Borrowers may be able to pay a loan in the long term but they may not be able to bear the costs in the short term because short term loans require more monthly repayments. If one finds a better deal, it is always good to ask one's lender for a change of plan. If the lender does not oblige, it will be a good idea to seek a similar deal from another lender. People also can go in for such a loan in order to capitalise on the equity that would have built up in a home.