When you get a mortgage, essentially you are acquiring a loan from a bank or creditor for the worth of your home. A remortgage is exactly the same, only it requires a reassessment of your property's value in order to get the new price. Like debt consolidation or getting a home equity loan, it is a method of transferring your debt from one creditor to another and from one form to another. Remortgaging offers several benefits to the interested party, including low interest rates and low monthly minimum payments. However, if you have bad credit, it may prove difficult to acquire a remortgage.

You should be aware that if you have bad credit, your loan rates for remortgage will be higher than average. In order to improve your credit, which will also improve your chances for any consolidation effort including a remortgage, you must practice effective debt management at the time you are applying for your loan. Pay off your monthly minimums on time, stop using your cards, and, on the whole, reduce your total spending. Make sure more money is going into your cards than is coming out, if you have to use them.

-You will get to pay lower monthly bill
-It would be easier for you to manage all your bills
-You can still get equity so you can pay for your other debts or for the things that matter most to you.
-The interest rate is fixed
-You can save more money since the interest rate is two to three times lower.

When applying, be aware of the different sources available for a remortgage. Compare the various rates, fees and charges that each remortgage offer has and research the lenders themselves. Look for any sign that your remortgage will only put you deeper in debt rather than helping you out of it. Be careful when choosing a lender, and know what you're getting yourself into. It may well be worth while employing the services of an Independent Financial Advisor, they are regulated to give completely unbiased advice and can help save thousands of pounds in repayments in the long run.