Looking for the UK’s best remortgage rates
More often than not, finding the best remortgage in the UK involves finding the best remortgage rates. However, you must also take into account your personal circumstances and possible hidden fees and charges when looking for a remortgage. In this article we advise you on how to find the best remortgage deal.
One of the first steps you take is to get an up to date valuation on your home. Most likely, you will get a pleasant surprise in light of the significant rise in house prices in the United Kingdom of the last ten years.
The current value of your home compared to the amount you are borrowing will have a direct impact on the best re mortgage rates available to you. If for example, you new remortgage loan is just 50% of your total home’s value, you should be offered lower interest rates than if your loan was for, say, 90% of your home’s value.
You should get a qualified and registered surveyor to re-value your home. This will be just one of the expenses you will face if you decide to remortgage. Other expenses can include legal fees and fees imposed by both your existing lender and your new remortgage lender.
If you are locked into a fixed rate mortgage you will most likely be liable to pay a redemption penalty if you find a cheap remortgage. Also, many UK mortgage lenders have hiked exit fees in recent months in a bid to recoup losses as more and more people re mortgage. Exit fees have gone up from an average of about £50 to as much as £300.
When you remortgage, you may also be liable to pay a setup fee for your new remortgage loan.
However, it may be possible to avoid these fees entirely if you can negotiate a better mortgage interest rate with your current lender. Finding the best remortgage rates may not involve remortgaging at all!
Check your current lender’s website to see what variable interest rates or fixed interest rates they are offering new customers for a mortgage similar to yours. If the new customer is getting a better deal then you have good bargaining power. Also see what interest rates you would receive if you were taking out a remortgage deal with your current lender. If this is cheaper than what you are paying, this may help your cause too.
Failing this, you will have to look further afield to find the best remortgage rates. When it comes to UK remortgages, you will certainly be spoilt for choice. There are thousands of cheap remortgage products out there from banks, building societies and online remortgages as well. Also, be sure to look at all the options as you will find all kinds of remortgages on offer. These include: fixed rate remortgages, capped rate remortgages, variable interest rate remortgages, debt consolidation remortgages and more.
When it comes to finding the best remortgage rates and the best remortgage, UK consumers can also seek the advice of a remortgage broker, so you should have no problems finding the best interest rate for you.
