£ for £ remortgage is renewing your current loan balance either with your existing lender on a Product transfer rate or to another lender on one of their rates. The key reasons for a £ for £ remortgage is to either secure a lower rate and mortgage payment or secure a lower rate whilst also reducing your remaining mortgage term.

Additional lending remortgage is securing additional funds against your property via a further advance from your existing lender or a remortgage to another lender. Some additional lending remortgage reasons: Home improvements, Debt consolidation, Raising a depos (property purchase), Buy partner out (separation) and Financing a large one-off event (wedding). We would encourage you to read our Guide Suitable Versus Unsuitable reasons to Remortgage.

Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service https://www.moneyhelper.org.uk/en