Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it
Remortgage
The term remortgage simply means refinancing or switching your mortgage deal and/or mortgage lender.
Whether you are refinancing your deal for a better mortgage rate, more suitable conditions, wishing to consolidate some other debts, or increasing the size of your home loan, there are plenty of deals for remortgages available.
Hundreds of people are finding that their existing mortgage is coming to the end of its initial deal and are finding that the increase in payment is too high. MortgageFinders can help you find a cheaper alternative and help you refinance your mortgage. See some of the deals that are available in our best buy table below.
Download our Remortgage Guide
Check out our pros and cons of remortgaging
| Provider |
Mortgage Type |
Initial Rate |
Duration |
Subsequent Rate |
APR |
ERCP** |
|
|
|
| Woolwich |
Tracker |
1.98% |
13 |
2.99% |
3.1% |
37 |
Enquire |
| Alliance & Leicester |
Tracker |
1.99% |
24 |
4.99% |
4.8% |
24 |
Enquire |
| Coventry BS |
Tracker |
2.59% |
24 |
4.74% |
4.5% |
26 |
Enquire |
| Alliance & Leicester |
Tracker |
2.59% |
36 |
4.99% |
4.7% |
36 |
Enquire |
| Leeds BS |
Fixed rate |
2.99% |
14 |
3.49% |
5.1% |
26 |
Enquire |
| Alliance & Leicester |
Fixed rate |
3.15% |
26 |
4.99% |
5.0% |
26 |
Enquire |
| Coventry BS |
Fixed rate |
3.50% |
24 |
4.74% |
4.7% |
24 |
Enquire |
Please Note:
- The above summary is correct at the time of going onto the Internet. These products are subject to other criteria that may or may not mean they are available to you.
- The actual rate obtained could vary according to your own circumstances and credit record. MortgageFinders can help you find the best rate that suits your specific requirements.
- Mortgages should not be selected on the rate alone as many lenders charge differing amounts of arrangement or booking fee etc. MortgageFinders can help you cut through this complicated maze.
- Where the product shown is an exclusive this is a mortgage product not available on the high street and is only available via MortgageFinders and a limited number of other broker firms.
** Early Repayment Charge Period
Pros and Cons of Remortgaging
- Remortgaging can help you save costs. Clearly if we can help you find a better rate than your existing deal then you may be able to save on your monthly payment.
- You may be able to add to your loan at the same time, for example you may be able to borrow an extra amount for home improvements or even buying a new car.
- You could also use the remortgage to help consolidate other loans you might have or to repay the balance on your credit card. However you should also bear in mind that this will increase the amount of debt secured upon your house.
- Please bear in mind that each time you remortgage you will incur additional costs. There might be legal costs to pay and of course the new lender will charge you some set up fees. These extra costs can easily negate the benefits of remortgaging and might reduce the saving you have made on the rate.
- Many lenders offer special packages for borrowers to assist them with some of the usual costs associated with refinancing or remortgaging, such as a free valuation, free legal fees or a cash payment towards them. Although this can be very attractive, the lender will usually include the costs of these benefits into the overall cost of the mortgage, for example by increasing the mortgage interest rate.
- It is not usually worthwhile remortgaging when you are still in an early repayment charge period. As with the example above, the penalty you would have to pay your old lender would greatly reduce any saving you made on the new deal.
As you can see there are many things to think about when remortgaging. Why not let us help you work out the best options for you. Contact MortgageFinders for honest and helpful advice.
You can also download our easy to read Remortgage Guide which will help you understand the pros and cons of remortgaging.