Get top remortgage deals
When you take out a new mortgage, you normally get an introductory deal – for example a low fixed or discounted rate or a low tracker rate for the first few years of your mortgage. Introductory deals normally last for between two and five years. However, once the deal ends you may find yourself put on your lender’s standard variable rate, which may not be as competitive as other rates on the market. At this point, you may wish to consider remortgaging your property. Remortgaging involves moving your mortgage from one lender to another without moving home.
How to find the best remortgage deals
If you are looking to save money on your existing mortgage or to raise some additional money against your property, remortgaging your home could be the perfect option.
There are several things to consider when looking for remortgage deals:
Best deals – one of your main concerns when remortgaging is likely to be finding a competitive interest rate
Flexibility – If you are remortgaging in order to gain more payment flexibility, you will want to consider factors such as the option to take repayment holidays, or to overpay
Fees – the interest rate may be attractive, but does it come with high charges? As with any mortgage, remortgaging costs money, so it makes sense to factor these costs into your overall consideration
Criteria – in order to get a good mortgage deal you will need to meet the required criteria set by the lender
When you are comparing remortgage deals, you may find you have the option of both fixed remortgage deals and tracker mortgage rates. Fixed remortgage rates mean that your repayments are guaranteed for a certain period, while tracker rates link the amount of interest you pay on your mortgage to another rate. This is usually either the Bank of England Base rate or your lender’s Standard Variable rate (SVR).
Bear in mind that a remortgage application is a two-way process - not only does the remortgage deal you choose need to suit you, but the mortgage lender also has to approve you as a a borrower. To maximise your chances of approval you should check the criteria applied buy the lender. When considering a remortgage application, mortgage lenders will look at factors such as:
- How much existing equity do you have?
- How much do you earn?
- How stable is your income?
- Do you have any outstanding debts?
- Do you have a good credit history?
To find the top 10 remortgage deals, click on the FREE mortgage calculator above and compare over 5,000 remortgage offers tailored to your personal requirements.