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Taking out a mortgage is a long-term commitment, and the UK mortgage market is one of the most competitive in the world. That said, the number of deals available means it is often hard to select the best option for you. The option to remortgage means you are able to switch to a better deal with either the same lender, or a different bank or building society altogether. As with any major financial decision, remortgaging should be given a great deal of thought. Many people opt to remortgage in order to cut the cost of monthly repayments, particularly when they come to the end of a short-term mortgage deal. However, there are other reasons to consider remortgaging. These are: