When most of the people who sign up for a limited time low interest rate mortgage and then switch to a different mortgage when low interest period expires.
It's a great way to save money and can potentially save yours thousands in payments. However, there are some things you need to think about re-mortgage. You can also get information regarding insurance for protection of mortgage payment via online source and many other ways.
First, check there are no early repayment penalties on your mortgage. Make sure that if you have a mortgage early repayment penalty that it then goes beyond this period, if not get charged large sums of money.
Secondly, remember to take into account additional costs when you return the mortgage.
This could include an application fee for your new mortgage, legal fees, appraisal fees, or fees to pay the existing mortgage early. You need to include these costs in your calculations you work out how much you'll save.
Finally, make sure you read the terms and conditions of your new mortgage. It may seem like a lot but if it turns out to be less flexible in the long run it may end up costing you more than you save.
As long as you tread carefully, and get good advice, re-mortgaging is the best way to save money on your mortgage.