Remortgaging process explained: Is now the time to get a good deal?

a woman signs a purchase...
a woman signs a purchase...

It's the biggest loan you are ever likely to take out, and one of the longest-running financial commitments you will have. From the day you buy you first home until the day you make your last monthly payment, your mortgage will make up a substantial chunk of your household budget.

But with historic low rates, remortgaging – taking out a new home loan with a different lender, which is used to pay off your old mortgage – could help you to shrink those monthly payments.