The Advantages of a UK re-mortgageNowadays it just makes sense to convert your existing UK mortgage to a UK re-mortgage. Interest rates are lower and there are a lot of different UK re-mortgage options including an interest-only UK re-mortgage which offers one of the lowest monthly payments possible.While there are hundreds upon hundreds of UK re-mortgage lenders out there, it makes sense to check with your current UK mortgage lender when you go shopping for a UK re-mortgage. After all, no one knows your payment history and personal circumstances better than your current UK mortgage lender, and the chances are that they will be willing to offer you favourable UK re-mortgage terms just to keep from losing you.A UK re-mortgage also makes sense if your current UK mortgage was written by a sub prime lender who specializes in bad credit cases. Although you may have had bad credit when you first applied for your UK mortgage, the chances are that all of this is behind you now and you may be able to get a new UK re-mortgage at a more favourable interest rate. This is especially true if you have not missed any UK mortgage payments with your current lender and you have had no adverse credit in the last six years.Many people also use a UK re-mortgage to consolidate their debt. Debt consolation is actually the #1 reason that most people apply for a UK re-mortgage to begin with. Loans and credit card debt usually come with very high interest rates. If you obtain a UK re-mortgage that is enough to pay off your existing mortgage, with enough left over to pay your other debts, you can end up using tax deductible, lower interest rate money instead of taking years to pay off your debt at higher interest rates.Using a UK re-mortgage to consolidate your debt has the added advantage of reducing the number and amount of your monthly payments to just one payment back to your UK re-mortgage lender. Of course, if you continue to accumulate additional debt, after receiving your UK re-mortgage, you will end up back in the same boat, so be careful!You can also use a bit of strategy to get your home paid off sooner using a UK re-mortgage. If you have lower payments, and lower interest rates, which most people who get a new UK re-mortgage end up with, you can simply keep paying the same amount that you did under your old UK mortgage. This can cut your repayment time by as much as 10 years or more!Many people also find that a UK re-mortgage is a great way to get money to send their child to college or for other major life investments. A college loan is not usually tax deductible but a UK re-mortgage usually always is.So, now that you have the inside story on how a UK re-mortgage can change your financial picture, what are you waiting for? Start looking for a UK re-mortgage today and you'll likely end up with a lower UK re-mortgage payment by this time next month.