Remortgage Interest Rates
Our Remortgage Service - helping you make the right decision
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Whole of market service - we work with most UK lenders
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To investigate your mortgage options call our mortgage team on 0117 403 4474 or fill in our call back form.
Remortgage Interest Rates
One of the advantages of refinancing is that it can potentially reduce the interest rate you pay on the loan.
If the introductory period of your current home finance arrangement has ended then the interest that accumulates on the loan may be calculated using the lender’s Standard Variable Rate, by remortgaging with either a new lender or your current provider you may be able to return to an introductory deal such a fixed rate option or discount mortgage which could offer a lower interest rates.
Types of mortgage introductory rates
Introductory rates available on mortgages may include:
Fixed-Rate – With a fixed rate, as the name suggests the rate of interest on your loan remains fixed over the course of the incentive period so you know exactly how much your monthly mortgage payment will be.
Tracker – With this type of mortgage the interest rate tracks the base rate set by the Bank of England for introductory periods. This means that if the BoE does make any changes to the base rate can cause your interest rate to vary.
Discount – Discount mortgages track the lender’s Standard Variable Rate (SVR) at a discounted rate. This means the rate you pay is variable if the lender makes a change to their SVR.
Compare remortgage interest rates
If you want to find out what interest rates are currently offered to some borrowers you could use the Fair Mortgages calculator tool at the top of this page.
You just need to select ‘Remortgages’ from the drop down menu and fill in relevant financial information, the calculator will then be able to filter a selection of products that fit your specified criteria.
Things to consider before remortgaging
Certain factors about a borrower such as their income and credit history can influence the interest rates lenders will be willing to offer them, this means in some situations where a borrower’s circumstances have changed it may not be necessarily beneficial to remortgage as it could potentially increase the interest rates on their mortgage.
There are also potential fees associated with taking out a new mortgage; these could include new arrangement, valuation and legal fees as well as potential charges for repaying your existing finance early.
This means it is wise to first calculate if factoring in any fees you actually stand to save anything overall, as this may not always be the case.
If you are considering remortgaging your property then you may benefit from speaking to an independent mortgage adviser, As well as being able to provide you with impartial advice an adviser that offers a whole of market service can use their professional knowledge to search across different providers on the behalf of their clients to try and find them the best products for their requirement.
There are also certain mortgages from lenders that borrowers can only access via intermediaries such as advisers, one of which might present the best choice for your needs.
Fill in the contact form on the side of this page to request a call back from a Fair Mortgages Adviser who can provide you with a free initial consultation, alternatively call us directly on: 0117 403 4474