Anyone on here ever remortgaged for any other reason than moving ? If so why and where you glad you did?

[Lardlizard]

Was it something you thjnk was worthwhile or do you wish you didn’t

Yeah, we remortgaged to pay off a big debt of my DS's. Not happy but it had to be done.

We remortgaged to a new fixed deal as the flat value had increased so our LTV was much better. Saved £250 a month in interest.

Yes, to build a new kitchen/diner. Very glad we did, definitely worth it.

We are hoping to do it next year to convert the garage into a playroom and convert our attic to a bedroom

We did it because rates dropped and we could shorten the mortgage term and lower the payment in one go.

Do you mean changing product or borrowing extra money?

If you're changing product, it's probably worthwhile doing as you will pay less interest. If you don't remortgage regularly you could end up on the standard variable rate, which is usually more expensive.

If you're planning to borrow extra money, it depends on why you're borrowing. If it's for something like an extension, it can be the cheapest way to do it and a good investment if it means your house value will increase.

But if you're looking to remortgage to borrow to pay off debt or have extra spending money, you have to be very careful, because it could indicate you have problems with budgeting and spending and you could get into a huge mess with a big mortgage that you can't afford and risk losing your house.

Just doing A massive extension - around 150k - but it's far cheaper than selling and buying another similar house in the area plus we get exactly what we design
Hopefully it works out like that lol 😆

We've remortgaged 2 months ago from our SVR of 4.25% to a 5yr fix of 1.94%. We're £167pm better off and we have piece of mind for the next 5yrs should the rates rise.

I added £5k to my mortgage In October 2017 and spent the moment remodelling my kitchen. At the same time I lowered my rate from 5.49% to 1.74%. I’ve paid the £5k off now and my payment went down by £220 a month so it was a no brainer for me. Glad I did it!