There are two compelling reasons for people to think about their current mortgage rate. The first is simply that if there is an available mortgage at a lower rate it may be possible to save money by switching to it, or to pay the mortgage off sooner. The second is to protect against future rises in interest rates by comparing fixed rate remortgage deals.
If you are coming to the end of your mortgage deal and want to reduce your monthly repayments, finding a remortgage deal with a lower interest rate could be a smart move. It’s also worth remembering that staying with your current mortgage provider may mean you end up on the lender’s standard variable rate (‘SVR’), which is often not the best deal. Searching for a cheap remortgage rate could therefore pay dividends in the long run.
How do I find the best remortgage rate?
The best remortgage rate for one person may not be the best for another, different products suit different circumstances and there is more than just rate to consider.
It’s important that any comparison between these various products takes into account repayments over the course of the mortgage. Just because one mortgage starts out with a lower rate than another doesn’t mean this is how it’ll be over the course of the mortgage. You could end up paying more for a mortgage that started out with a lower rate!
Another thing to take into account are the legal costs, arrangement fees and early repayment fees which you may have to pay when remortgaging. Only once you have an idea of the bigger picture, will you be able to make an informed comparison of remortgage rates to decide which is right for you.
- It’s a good idea to start looking at available remortgage rates, before your current deal runs out and you revert to the lender’s more expensive SVR;
- Do your homework and take time to understand the different types of mortgage product available, before comparing rates;
- Take into account the fixed costs of remortgaging, such as legal and valuation fees, early repayment charges and arrangement fees.
Using our service to find the best remortgage rate
As you’re probably realising by now, finding the best mortgage rate is not simply a case of looking at a headline rate in a shop window, there are many more factors to consider.
We provide a nationwide mortgage broker service to assist you with obtaining a ‘real comparison’ of how much each mortgage is going to really cost you. These brokers have been hand picked, are available nationwide and 7 days a week.
Simply fill in our simple enquiry form, and we’ll compare remortgage rates from a panel of lenders, to find the right remortgage deal for you. Even if you have adverse credit history, CCJs or an IVA, we can help you find cheap remortgage rates.
According to the Council of Mortgage Lenders (CML), remortgage activity totalled £5.6 billion in June,…Read more »
Leeds Building Society’s latest five-year fixed-rate mortgage has been rated ‘outstanding’ by Moneyfacts.co.uk.
Leeds has…Read more »
Despite the UK’s shock decision to leave the EU, valuation levels remain “surprisingly stable”, according…Read more »