Remortgages - Cheap Mortgage Deals

Which product should I choose?

When planning on increasing your debt through a re mortgage, you need to look at the new monthly repayments. As a condition of the loan your new mortgage lender may expect you to pay off some existing debts to credit card companies with the extra equity, your solicitor will be expected to pay the debt before the funds reach your personal account.

Ideally your re mortgage should save you money from the start. Although there will always be some unavoidable costs involved such as the new valuation fee. If you are liable to pay a large redemption penalty that could run into thousands of pounds it may be worth hanging on to your old mortgage.

1. Are you happier with a fixed rate mortgage where you know exactly how much you are paying each month?

Are you looking for the security of paying maximum monthly payments for a given period with the added bonus of paying lower payments if interest rates fall? If this is the case you should consider a capped rate mortgage.

2. Are you looking for lower payments each month for the short term?

You may then want to consider a discounted rate or a short term fixed rate.

3. Do you want the possibility of paying your mortgage off as quickly as you can and save on money on interest rates in the future?

You may want to look at flexible mortgages.

4. Are you happy to run all your finances through the same account for maximum financial efficiency?

If that is the case, investigate the current account and offset mortgage products.

5. Would you prefer a variable rate mortgage where the rate paid is determined by the wider economy rather than the mortgage lender?

Have a look at the base rate tracker products.

6. Check with your existing lender whether they will offer you a good deal or a loyalty bonus to stick with them.

Check with your broker whether your lenders will pay some or even all of your fees.