Find the Best Remortgage Deal

The Best Remortgage Deal is a miss-guiding statement, don't be led astray - The Best Remortgage Deal means the best remortgage deal for your individual needs.

There are literally hundreds of remortgages to choose from in the UK Remortgage Market, meaning prices are competitive, but the shear mass of mortgage information can be very overwhelming.

Remortgage specialists should seek the best remortgage rates, the best remortgage deals and by far the best remortgage for your needs.

Remortgage rates can be available in all the different interest rate options; discounted, capped, tracker, fixed, variable, etc each one offering varying degrees of flexibility.

Types of Remortgages

Fixed Remortgage Rates
Long Term Remortgages
Cash Back Remortgages
Capped Remortgage Rates
Off Set Remortgages
Interest Only Remortgages
Interest and Repayment Remortgages
Flexible Remortgage Repayments
Discount Remortgage Rates
Variable Remortgage Rates (Tracker Rate Remortgages)

Interest Only Remortgages

Interest only remortgages are exactly as the name would suggest. The repayments are allocated toward the interest element of the mortgage and do not reduce the size of the original mortgage debt.

Interest and Repayment Remortgages

Interest and repayment remortgages are again very self explanatory, the mortgage repayments are allocated towards the original mortgage debt and the interest accrued.

Off Set Remortgages

Off set remortgages are a similar concept to the very well known Virgin One Account. A current account and savings account are interlinked and the debt and credit levels of the accounts compliment each other. At the end of the off set mortgage term the capital that was borrowed must be repaid in full.

Flexible Repayment Remortgages

A flexible repayment remortgage allows one to make over-payments and under-payments, borrow back over-payments and, if one has built up enough credit; take payment holidays.

Another important feature is that interest is calculated monthly/daily, not annually in arrears, so overpayments have an immediate impact on the interest paid. Providing you with the ability to significantly reduce the term of the remortgage loan and save thousands of pounds in interest payments, as long as one can make additional payments during the term of the mortgage.

A flexible remortgage can be ideal for people with inconsistent income, like the self-employed or heavily commission based incomes.

Fixed Rate Remortgages

Fixed rate remortgages, lock the borrower into a fixed repayment cost each month over an agreed period of time. Irrespective of the interest rate changing, monthly payments will not be affected.

The longer the fixed rate period, the higher will be the fixed interest rate. Fixed periods of one to five years are the most popular and most readily available. At the end of the fixed rate term, the interest rate usually reverts to the lender's prevailing variable mortgage rate.

Capped & Collard Remortgage

A capped remortgage is a variable rate remortgage with a fixed upper rate limit (cap) and a fixed lower rate limit (collar). This means that the borrower knows the highest and lowest monthly payments that they will have to make.

Long Term Remortgages

Long Term Remortgages are mortgages that are spread out over the normal 25 year repayment period; often to 30 years. The benefits of a long term remortgage are reduced monthly repayments. However the interest rates are typically higher than a normal remortgage over the standard 25 year repayment period.

Discount Rate Remortgages

Many providers offer an initial discounted rate. In the form of a limited period reduction, of the normal variable interest rate. At the end of the discount period, the rate reverts to the lender's standard variable mortgage rate.

Variable Rate Remortgages - Tracker Rate Remortgages

As the name suggests (Variable Remortgage), the monthly repayments can go up and down in line with the lender's mortgage rate. These remortgages are also referred to as Tracker Rate Remortgages.

This means that one is unable to predict the monthly cost of the mortgage from one year to the next. This can cause major budgeting problems in a period of increasing interest rates. On the other hand, when interest rates fall, there is less to pay.

NB: Many lenders do not alter the rate for existing borrowers until the year-end. With interest rates used as a regulator for the economy, mortgage rates change frequently.

Cash Back Remortgages

Cash Back remortgages are where the remortgage lender offers an incentive cash back bonus to the remortgage applicant. These cash back bonuses can be used to improve the property, cover removal costs etc.

Remortgage Market

Best Remortgage Rates and Remortgage Deals in the UK