There are many reasons why people remortgage. The most common reason is that they can get a better deal with a new mortgage lender than they can with their current one. Their current deal is coming to an end, and their rate is about to increase to the lenders' variable rate which is normally much higher than a new deal offered by either their current lender or another lender. Other reasons to remortgage could be to reduce or increase the term of their mortgage, to raise more money for home improvements, raise money to buy a new property (either to rent or live in), or buy a new car.