Cheap remortgage means you intend to replace your existing high interest rate mortgage with new mortgage of lower interest rate. The main advantage in doing so is that your monthly payments get reduced substantially after you have paid off existing mortgage. Clearly on opting for cheap remortgage you low monthly payments and save huge amount per month which you can use for variety of purposes.
One purpose of cheap remortgage is to release equity in your home. Over the ears you home value has increased substantially and you have cleared some payments towards home. This way equity in your home has gone up. Through opting for a cheap repmortgage you can borrow extra amount in the form of equity. You can put this extra money for any purpose like home improvements, making down payments when buying a car through loan, wedding, debt consolidation etc. or you can use the money for easily repaying the remortgage installments.
One reason for cheap remortgage may be that you want to extend or shorten the remortgage payments. Existing mortgage may be of longer duration and you want to clear it earlier now. Or you want to avail a longer duration remortgage for reducing your monthly outgoings.
You should opt for a cheap remortgage when market remortgage interest rates have fallen by at least two percentage points compared to rate on existing mortgage for a beneficial deal.
Compare different lenders providing remortgage and take their rate quotes first. This way you can locate suitable lender for your circumstances. Bad credit people can also find a suitable remortgage deal on comparing lenders extensively.