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A remortgage is when the borrower pays off their mortgage with a mortgage from a second lender. People remortgage to obtain a better interest rate, to reduce monthly payments or to release some of the cash from the rise in price of their property. It is possible to remortgage so that you can consolidate your debts through the funds obtained, resulting in reducing your overall monthly payments. When remortgaging you should be aware of any penalties that are in the mortgage contract if you are to change lender. These are often present when you are on a fixed rate. After the fixed rate has finished and penalties have ceased you can look to remortgage without a penalty. Before you remortgage you should be aware of the amount that you are remortgaing for, your mortgage advisor will inform you if you qualify for the amount which you want to borrow. Your advisor will inform you of the savings that you will make and what benefits there are if you choose to remortgage with another lender. It is always advisable to review your mortgage so that you are not missing out on any possible savings.