Remortgaging is the process of switching your existing mortgage to another mortgage lender, usually to lower the amount you’re paying on your mortgage; however, you may wish to shorten or lengthen the term of your mortgage or even borrow more. Most lenders offer preferential interest ratesfor an initial period, after this time the rate usually reverts to a higher rate (the lenders Standard Variable rate) and this could make your monthly repayments more expensive.