Remortgage Loans

The remortgage market has become a very competitive one; lenders are offering more and more deals to entice you away from your existing lender.

Since the first time buyer market has declined in response to soaring property prices, lenders can no longer rely on new business, and so seek to lure customers from each other; offering cash-backs, free valuations, and other enticements for borrowers to remortgage their loan.

It could be worth reassessing your current mortgage if you have been on the same interest rate for a long period of time, or if you are just on the standard variable rate; even if you will be charged a redemption fee to remortgage your loan to another company, it could still save you money over the long term to change over.

However, before you start shopping around the first place you should approach when reassessing your mortgage, is your existing lender - It’s entirely possible that your existing lender will be happy to change your interest rate to one that is more competitive, perhaps even as competitive as those offered by a new lender, as a way to retain your mortgage custom, making the whole hassle of arranging to remortgage your loan elsewhere unnecessary.