Get Cheapest Remortgages
Although switching may allow for some significant savings, customers should be aware that switching to a new remortgage deal is not without its drawbacks. In many instances, they may be required to pay an exit fee, and could also have to pay for the property to be re-valued. With this in mind, it is important to remember that there will be a variety of different offers from providers that may have these costs reduced in some instances. Some examples are different interest rate deals can be found below:
Depending on the current financial climate, switching to a tracker mortgage may be a useful option. Using this type of agreement, interest rates for the mortgage deal will be regulated according to the Bank of England’s base rate.
Although the starting rate will often be set by the provider, they may not influence the interest rate from this point onwards. It is important to remember however, that these rates will be regulated entirely according to the bank of England and they will therefore increase or decrease according to the current economic climate.
Fixed Rate Mortgages
Remortgaging to a fixed rate agreement may useful for borrowers who may be concerned about any drastic changes to their interest rates. Although slightly more expensive than many other types of interest rate deal, a fixed rate mortgage may grant customers some significant peace of mind, as their payments will not increase for a set period of time.
Discounted Rate Mortgages
When searching for the cheapest remortgage deal available, a discounted rate mortgage may appear to be a very attractive offer for many customers. While it is true that a discounted rate may afford customers some significant savings initially, these rates may return to the provider’s standard variable rate after a set period of time and should be considered carefully.