Find Remortgage Brokers
If you are coming to the end of your interest rate deal on your mortgage and do not want to pay the standard variable rate set by your lender (which may be considerably higher than the fixed or tracker rate you were paying). You may wish to consider contacting a remortgage broker, or researching the market for comparisons on mortgage deals that are more recent.
Before contacting a remortgage broker however, you may wish to consider the following factors:
- Your household’s annual income
- The estimated value of your property – you may need to contact a surveyor to revalue your property.
- The percentage of the value of the property you want to borrow (Loan to Value Ratio – LTV)
- The required ‘redemption statement’ from your current lender to prove the remaining amount of interest on your mortgage
Please see our mortgage comparison table above for a list of interest rate deals that may interest you:
Should you find a good deal when remortgaging your property, it may be very possible to save a significant amount of money. The following are some examples of different interest rate deals that may be of interest:
- Tracker mortgage – the interest rate changes with the Bank of England base rate and will increase and decrease accordingly.
- Fixed rate mortgage – most fixed rate deals may have a term of anything between 1 to 20 years, sometimes even the lifetime of your mortgage. These are agreements are popular as they offer a guaranteed assurance that interest will remain the same.
- Offset mortgage – your savings account, current account or credit card is linked to your mortgage loan to act as temporary overpayments towards your loan repayments.
If you are considering contacting a remortgage broker, it may also be a good idea to use a mortgage calculator to get an estimate for how much you may have to pay to remortgage your property. When considering remortgaging you should be aware of any possible charges; for example exit fees, arrangement fees, early repayment charges, legal fees, and mortgage valuation costs. It is important to calculate any costs against what you will save in interest repayments.
Borrowing from the right remortgage broker can benefit you by:
- Making your outgoings more manageable by reducing monthly repayments
- Releasing cash for other purchases
- Providing a fixed rate and financial peace of mind
- Potentially saving you money with more competitive interest rates
- Debt consolidation