Remortgages
Compare Remortgages: Bad Credit Remortgage, Adverse Remortgage, Buy to Let Remortgage and Fixed Remortgage
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Remortgage
A remortgage is a type of mortgage that replaces the existing mortgage you hold on a property. Borrowers often use remortgage deals to reduce their monthly repayments by finding a mortgage with a lower interest rate, or to release equity (cash) from their home if its value has increased.
Fixed Rate Remortgage
A fixed rate remortgage is a remortgage that ties you in to paying a set interest rate for a specified period of time. Fixed rate remortgages are popular among borrowers as they allow for effective budgeting; monthly repayments on a fixed rate remortgage remain stable throughout the fixed rate period. While a fixed rate remortgage will provide protection against future interest rate rises for the duration of the fixed rate period, it will also prevent you from benefiting should rates go down below the fixed rate.
Tracker remortgage
A tracker remortgage is a variable rate remortgage whose rate is usually tied to the Bank of England base rate. When there is a change in the Bank Base Rate, the rate charged on your remortgage will increase or decrease by the same amount. This will either raise or reduce the monthly payments you have to make to your remortgage lender.
Offset remortgage
An offset remortgage is a remortgage deal that allows borrowers to offset the savings they have against their outstanding mortgage debt. Whilst holding the savings in a separate savings account instead of earning interest on their savings, the borrower will pay a reduced rate of interest on their remortgage. This has tax advantages, particularly for higher rate taxpayers. Offsetting your savings against your remortgage may also help you to repay it more quickly. Borrowers with offset remortgages are required to hold their savings and remortgage with the same bank or building society.
Bad Credit Remortgage
A bad credit remortgage (sometimes known as an adverse credit remortgage) is a remortgage that will be available to individuals who have a poor credit history. Bad credit remortgages usually carry higher interest rates than ordinary remortgage deals.
Variable rate remortgage
A variable rate remortgage is a remortgage with an interest rate that may change over time. If your variable interest rate is linked to the lenders Standard Variable Rate(SVR) changes can be made to your remortgage rate at any time by your lender, whereas if your variable rate is linked to the Bank of England base rate changes to your variable interest rate will only occur when the Bank of England changes the Bank Base Rate. In both circumstances changes to the variable interest rate will affect the monthly repayments you are required to make.
Buy-to-let remortgage
A buy-to-let remortgage is a remortgage on a property that was originally purchased to be let, rather than lived in by the mortgagee. Remortgaging with a buy-to-let remortgage will allow a borrower to continue renting out their property, should they wish to do so and potentially obtain a lower interest rate or release some capital from the equity accumulated within the property.
Self Cert remortgage
A self cert (self certification) remortgage is a remortgage that will require the borrower to certify their own income for their remortgage lender. This may be because the borrower is self-employed, works on a freelance basis or has a changeable level of income throughout the year. Self cert remortgages are likely to be more expensive than standard remortgages.
How to find the right remortgage deal for you
Finding the right remortgage deal can be a complicated process. If you apply to a single lender, it is possible you won’t get the deal you originally wanted and you may be offered a more expensive remortgage rate. It’s important to shop around for the best value remortgage you can find before committing to a lender, and it is a good idea to seek help from a remortgage advisor who will be able to help you compare the different remortgage deals available.
Common Misspellings: remorgage, remorgages
1 Potential savings may vary depending on the amount you are borrowing and your personal circumstances.
* The calculator is based on how much you want to borrow and then calculated against the initial rate. This calculation displayed is for illustration purposes and may vary depending on your financial circumstances and the mortgage provider