In recent years, many borrowers have taken advantage of highly competitive discounted or short-term fixed rates. While these rates have served them well for two or three years, many will be coming to an end in the months ahead and the new lending landscape may seem more confusing and alien than before.

To avoid missing out on securing another good mortgage product, it is important that borrowers look into the possibility of remortgaging their property, possibly to another lender or merely undertaking a ‘product switch’ with their existing lender. Doing so can save them a significant sum of money over time.

Of course, there are other reasons why someone may wish to remortgage. Their current residential mortgage may have been suitable when they took it out, but personal circumstances change and it could be that a different type of mortgage is now better suited to their needs.

Alternatively, for borrowers with tracker mortgages, if interest rates looked set to rise in the short to medium term then they could potentially avoid the inevitable increase in their monthly repayments by tying into a new fixed rate deal.

Or it might be that borrowers wish to remortgage simply to make home improvements or to consolidate their debts.

Whatever your goals, remortgaging can significantly reduce your monthly repayments or be a cost-effective way to generate extra funds. It has certainly become more popular in recent years as borrowers have switched on to the huge potential savings.

At Independent Mortgage Solutions, we offer a packaged remortgage service, which will find you the most competitive rate in the least possible time. Wherever possible, we will also access products that will either refund, or simply not charge, any legal and valuation fees.

Importantly, we may be able to ‘reserve’ rates up to six months before a particular product comes to an end, which can be very useful at a time when competitive mortgage products are less common due to market uncertainty.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgages.