Cheapest Remortgage UK

Are you experiencing difficulty finding a cost-effective remortgage?

The UK mortgage market has experienced a dramatic change over the past year. The previously competitive market, which provided an abundance of remortgage deals to borrowers due to lenders actively searching for new customers (and willing to take risks as a result), has now shifted towards mortgage lenders being very conservative, and the volume and choice of attractive mortgages on offer has decreased dramatically – as a result of the highly-publicised credit crunch.

Why?

Previously the mortgage market was highly competitive, and many lenders offered attractive interest rates and introductory discounts to attract new customers. Also their lending criteria was highly favourable for borrowers, with high Loan-to-Values (the percentage of the property’s value borrowed – often shortened to LTV) allowing homeowners to find a property without a hefty deposit, and providing the opportunity of remortgaging to the maximum value of their home. Many borrowers took advantage of these deals, and made great savings as a result.

However, these deals only lasted for a limited time, usually two to three years, before reverting to the lenders Standard Variable Rate (SVR) – which is invariably the most expensive interest rate. And in the past two years interest rates have been rising steadily. Since the credit crunch lenders have now reduced their mortgage range, and introduced tighter lending criteria when considering a borrower's remortgage application.

Borrowers who are now coming to the end of their introductory deal are looking to remortgage once again to avoid paying their lender's Standard Variable Rate. In the past they would have been able to find a new low-cost remortgage, however in the current mortgage market these borrowers are struggling to arrange a new deal and are now facing a sizeable increase in their mortgage repayments.

The good news is that interest rates are going down, and lenders are reflecting these rate decreases in the mortgage deals they’re offering borrowers. There are still cost-effective remortgage deals available.

Cheapest Remortgage, powered by The More Group, can help you find a low-cost remortgage – as a whole of market mortgage broker, we will search the mortgage market on your behalf to find a deal suited to your requirements and current circumstances. We have provided a remortgage best-buy table, with the latest deals selected by The More Group.

To get started simply click on one of the "Compare Deals Now" buttons and choose the remortgage type that suits your needs.

Remortgage Guide

The current changes in the UK mortgage market, with dropping property prices and lenders updating their lending criteria on a regular basis, means that finding the best remortgage for your circumstances can be a time consuming and stressful task.

If you're confident that you know what you want, you can find a remortgage yourself. If you're not, it may be an idea to get advice from a remortgage advisor who covers the whole market. But even if you are planning to get some outside advice it helps to do some background research first - this will allow you to give some thought to what type of remortgage you want, and will show you how much you should expect to save.

What exactly is a remortgage?
Remortgaging is switching mortgages without moving home. Aside from reducing your monthly payments, swapping mortgages will also allow you to release some of the equity that has built up in your home.

You are effectively ending your current mortgage arrangement and switching to a new deal. You do not necessarily have to switch lender - if your present lender can offer you a better deal than is available elsewhere, you can stick with them but switch to a better deal. This way you may not need a new valuation (unless you are borrowing more) or pay any solicitor fees.

When considering a remortgage, it is important to keep in mind the costs involved in swapping mortgage products. An early repayment charge, if you have one, is likely to be the biggest expense. These charges, sometimes as large as six months interest, are usually associated with fixed, capped, cashback or discount rate deals. Some lenders also make you pay interest until the end of the month in which you redeem your mortgage. If this penalty applies, end your mortgage close to the end of the month to avoid paying interest on money you no longer owe.

Independent remortgage advice
By completing our secure online Enquiry Form, you can discover how much you could save over the remainder of your mortgage term. As an a whole market remortgage broker we hold no bias towards any one lender, and will not recommend remortgaging unless it is beneficial to you.

Any advice we provide is free of charge and carries no obligation at any stage. So if you're simply unsure of whether you would benefit from a remortgage, and wish to discuss your options with a (friendly and helpful) mortgage expert we'd love to help.