Compare Remortgage Deals
The remortgage best buys depend entirely what you are looking for in a remortgage. People generally remortgage for one of the following reasons:
When they move home
When their current deal comes to an end
To lower monthly payments – another deal may well be more competitive
To release capital - either to pay off debt, buy another property, or to pay for something like home improvements or a new car
If you are going for a straight remortgage because you are moving or are simply switching lenders, the remortgage best buy for you will probably be the one with the lowest APR. But if you are unlocking capital, the remortgage best buys for you may be the ones with the lowest set up fees.
In order to find the best buys on remortgage deals from different providers, it is important to shop around and compare mortgages from as many sources as possible. Researching the market in this way may go a long way in helping you to find a remortgage deal that is tailored to your individual requirements.
By remortgaging your property for a better deal, you may be able to:
- Potentially save money and reduce your repayments
- Have access to a number of useful benefits that you may otherwise have missed out on
- Spend the extra capital on
As you search for remortgage best buys, you may wish to consider the mortgage comparisons table above for some examples of offers.
Whilst looking into remortgaging, you may wish to consider switching the type of interest rate that you will pay on your mortgage. Here are some examples of options that may be available to you:
This refers to mortgages whose interest rates are set at a fixed amount for a determined period; following this period, rates will usually revert to the lender’s standard variable rate (SVR)
A tracker interest rate is subject to move up or down with the Bank of England base rate, meaning that you could pay more or less on your interest rates depending on the current financial climate
It should be remembered that the best buys on a remortgage deal for one person, may not necessarily be best suited to another. It is therefore important to consider your individual circumstances when searching for an appropriate deal.
It is also worth noting that remortgaging can be an initially expensive process. Whilst some remortgages may offer a special fee free product, you might wish to think about the following costs that you could face:
- Arrangement fees for the remortgage
- Exit fees to your previous lender
- The cost of having your property valued
- Legal costs