A remortgage, also known as a second mortgage, lets you move your mortgage to another lender or negotiate a new deal with your own in order to reduce your monthly repayments, while you remain living in the property.

The processes involved in remortgaging are essentially the same as what you may have experienced organizing your original mortgage, with the exceptions that you aren't moving house. Your new lender will, however, perform a valuation of your home in order to assess your remortgage application. As with any mortgage, you will have many options open to you. You can choose between fixed or adjustable rates of interest and also whether you want an interest only mortgage or a repayment mortgage.

Finally, before you take the plunge, work out whether remortgaging is financially viable in your current situation. Lenders charge redemption penalties on early repayment of home loans. If you are considering switching while you're still in an introductory period, you may find that you will be out of pocket by hundreds or thousands of dollars. Make sure that any potential savings you may make by switching aren't cancelled out by the fees you may be liable for.