When we take out a mortgage it is like many other things we buy we want to get the best rate. A re-mortgage is simply when you move your current mortgage to another provider offering a better deal.

There are many reasons for us to re-mortgage the most popular reason is because the new deal works out financially better.

When we first take out a mortgage we usually get discount rates or a fixed rate for a set amount of time, when these rates end it is not uncommon for people to seek these benefits from new deals resulting in a re-mortgage.

Many fixed rate mortgages are only fixed for a few years and tracker mortgages average around three years, after this time the amount of interest you pay will be the lenders standard variable rate. This is usually much higher than the offers available to you when you initially took the mortgage out.

Studies have indicated that those who re-mortgage during the term of there mortgage are likely to pay less on interest.

The process for re-mortgage is straightforward but with any financial agreement it pays to look around for the best rates.