There are two main schemes - remortgages
, and home equity loans (usually called second or second charge mortgages).
Figures from Legal Marketing Services show predictions that the base rate would rise in November saw variable rate remortgages
dropped 75% as people chose the security of fixed rate deals.
can include early repayment charges if you have a fixed rate and, if the new loan is a high proportion of the value, you might pay increased interest charges.
The most recent figures for this year indicate that in the second quarter of this year, lending for remortgages
declined by 8% on the previous quarter with remortgages
now accounting for 29% of total mortgage lending in the UK compared to 53% in autumn 2008.
They said the decline in overall lending was likely to have been caused by a further fall in remortgages
offsetting a slight pick-up in advances to people buying a new home.
If mortgage rates have really bottomed this time, of course, homeowners who ignore remortgages
might be contented by the thought they saved time and hassle by sitting tight.
The demand for remortgages
has nosedived - a problem that has hit Wales particularly hard.
Some of the better rates available for remortgages
are listed below.
The call for remortgages
in the Coventry area has shown steady growth in recent months which has been further fuelled by the recent eper cent increase in interest rates.
The Council of Mortgage Lenders estimates that about a third of all home loans are now remortgages
Brian Murphy, head of lending at mortgage brokers the Mortgage Advice Bureau, said: "The raft of bank holidays and the royal wedding inevitably skewed the April data, so an overall drop in the number of loan approvals and remortgages
comes as no surprise.
The lender will provide a free legal service for remortgages
and refund the cost of a valuation on the property.