You may choose to remortgage your home - switch your
mortgage from one lender to another - before the end of the term of the
loan. This could save you money on monthly repayments, but there are often
penalties involved in early redemption. Many people take advantage of
'special offer' mortgages, and then remortgage after the initial discounted
period is over.
Pros:
You could make substantial savings on interest
rates
Cons:
Check for penalty clauses
Bear in mind other costs will be incurred - for
example, re-surveying your house for the new lender
