A remortgage is essentially no different to a mortgage, with one crucial difference - you are not buying a house. All you are essentially doing is taking out a new mortgage to repay the old one, while shifting your debt from one lender to another.

Before you go ahead and jump ship from your current lender, consider the fact that remortgaging to a new lender is not best for everyone. Most lenders will automatically transfer you to the Standard Variable Rate at the end of your fixed or discounted deal. However, it may be possible to switch to another scheme with the same lender, thereby negating the need for additional conveyancing and a valuation. Some lenders even permit you to do this on a fairly regular basis.