In days gone by, re-mortgages were the last resort of people who were financially desperate, normally associated with bankruptcy. These days, it means that you are changing your mortgage onto a new deal and probably a new mortgage lender. Almost half of all mortgage borrowers are paying the standard variable rate of their lender, which will never be their best deal, however, only 12% of customers re-mortgaged from 1996 to 2001. The best way to find out what other deals there are on the market is to go to an independent mortgage broker. A mortgage broker will advise you on what you can save if you change to a different mortgage. Once you have selected your new mortgage, you can start the application process. You can do this through the broker or directly through the mortgage company. Your new lender will need to value your home and you will need to prove your income again. You then decide how much to re-mortgage your home for. You can re-mortgage the amount left on your mortgage, or you could borrow more, to take advantage of the equity in your home. Most lenders will allow you to borrow up to a certain amount. This is a cheap way of borrowing money. MORTGAGES THE OVERALL COST FOR COMPARISON IS 8.9% APR The rate is variable and based on a usual case, including fees of £2,200. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.