Many borrowers choose to remortgage in order to take advantage of the new rates on offer.
Sometimes it is not about saving money, it could be that you want to reduce your monthly repayments or need more flexibility.
Remortgaging involves switching your current mortgage to a new deal, arranged either with your existing lender or with a new lender. As a current homeowner you may make the decision to remortgage for a number of reason.
- To save money by switching to a better deal
- In order to consolidate debt
- To carry out home improvements
- In order to consolidate debt or raise funds
We can search a number of mortgage deals, some which may not be available online. We can find the best deal for you and compare costs and flexibility with the mortgage deal you currently have.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Some buy to let mortgages are not regulated by the Financial Conduct Authority.
In the current mortgage market you'll need a deposit of at least 5% of a property's value to get a mortgage.
Fixed rate mortgages
Monthly payments are fixed for a set period of time.
Variable rate mortgages (tracker)
Payments are variable, this means they could go up and down depending on the movement of the Bank of England's Base Rate.
Capped rate mortgages
Interest payments may vary depending on an interest rate set by the lender but they can't go above a certain amount.
This is where your savings are placed in an offset savings account, the amount in your savings account can help reduce the interest you pay on your mortgage debt.