Remortgaging is usually done to lower the amount you’re paying each month for your mortgage, to repay debt or to raise funds. You don’t have to buy a new property to remortgage. Remortgaging your property could allow you to save money on your monthly repayments, or to repay your mortgage sooner. If your current lender doesn’t offer better rates or greater flexibility on its other products, you may want to consider switching your mortgage to another lender.