10:08 12 June 2013
Remortgaging your home means transferring your mortgage from one lender to another without moving home. This is one thing that you can consider if you need to save money on your existing mortgage or if you need to raise additional money against your property.
When looking for the best remortgage rates, the three things that you need to take into consideration are; qualifying criteria, fees, and of course, best deals.
Start by looking for mortgage deals that offer the most competitive interest rates. Look into tracker mortgage rates and fixed remortgage deals. Contact as many lenders as possible, get quotes, and make comparison.
After identifying the remortgage deals with lowest interest rate, the next step is to know the applicable fees. A lot of lenders lure people with low interest rate but charge enormous fees. Of course, you would want to ignore those.
Finally, know if you’re qualified for the type of remortgage deals that you’re considering. These are generally limited by loan to value. Keep in mind that best remortgage rates are typically available to borrowers with 30-40per cent equity in their home.
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