Ask yourself the question: "How long ago was it that I arranged my mortgage?" If the answer is "Years ago", now could be an excellent time to see if we can help you arrange a better deal. Obviously, you don't want to pay more for your mortgage than you have to!

What it means to you
Remortgaging means changing your mortgage contract, and usually your mortgage lender too. All you're actually doing is changing the terms of your mortgage. You have to go through some of the same processes as you would if you were moving home, but it should be less stressful. If right for you, it is an ideal way to save money.

The options
You could opt for a fixed or capped rate if you're anxious to control your budget, or a discounted rate paying a reduced rate for a defined period to take advantage when interest rates fall. Cashbacks offer a lump sum if you need some extra cash, perhaps to carry out some home improvements or fund a family event. Alternatively, you could plump for one of the new-style tracker mortgages, where the rate you pay is linked to the Bank of England base rate. Or you could consider a flexible mortgage, which offers you the ability to make regular or lump-sum overpayments, take a payment holiday, cut your repayments, reduce your repayment term and so on. With so many choices available to you, how do you decide which option to take? Your main consideration is the interest rate. If you are currently paying at your lender's standard variable rate, then most special offers, such as fixed, capped and discounted rates, will be able to offer you a cheaper rate.

Cost facts
Although you are not moving home, you will still have to pay for your legal costs, unless the lender offers to pay them as part of your new deal. Local searches are only valid for three months, so you'll probably have to get another one of those done, too. Your new lender is also likely to want a valuation carried out on your property.