3 Highly Effective Ways To Find The Best Remortgage Deal

With interest rates looking as if they may rise in the near future, more and more homeowners are taking the opportunity to remortgage. Remortgaging involves switching your mortgage to a new lender without moving home and can help you get a better deal on your home loan. Many people also borrow additional funds to consolidate unsecured debts or to undertake home improvements.

Finding the right remortgage deal can, however, be tricky. With dozens of lenders and thousands of mortgage products available it can be a challenge to find the most appropriate deal for you. Our guide looks at three ways that you can go about finding the right remortgage product.

1. Online: The internet now contains much of the information you need to make an informed decision about your remortgage. Lenders have their own websites and so it is easy to look at the products offered by specific mortgage companies. And, there are now dozens of comparison websites which allow you to compare rates and fees from a variety of well known lenders.

Applying for your remortgage online may also save you time and money. As lenders don't face the same overhead costs for borrowers who apply for their mortgages via the web, they often offer lower 'exclusive online deals' to borrowers applying for their home loan online.

2. Through a mortgage broker: If you visit a mortgage broker you are accessing a specialist; qualified professional who offers advice on a wide range of remortgage deals in the UK market. The role of a broker is to understand your needs and your personal priorities, and to find a suitable product to match.

A mortgage broker can help you in three ways. Firstly, they can save you time by completing your application forms and dealing with the paperwork involved. Secondly, they can do a lot of the research on your behalf in order to find the best remortgage product. Finally, they often have access to a range of 'broker only' exclusive deals which are not available to the normal High Street borrower.

Bear in mind that some mortgage brokers may charge a fee for their service. Sometimes the broker fee will be offset if the broker receives a commission from the remortgage lender involved. Make sure you know exactly what the broker will charge you and when this is payable.

Go Direct to the Lender: Another way to obtain a remortgage is by going directly to the lender yourself. This is a common way for people who remortgage with their existing lender, as you can simply speak to your lender on the telephone or in a branch and they can talk you through their best deals.

Many people like to speak to a mortgage advisor to ask questions about the remortgage process or to discuss their various options. However, mortgage interviews can be lengthy and so undertaking a visit to each of your local mortgage lenders may end up taking quite some time.

Whatever type of remortgage you're looking for; there are plenty of different ways to arrange your home loan. Using the internet is quick and could save you money, whilst speaking to a broker or a bank's mortgage advisor may be more suitable if you need some advice on the options open to you.


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Timothy Frodsham writes for JustRemortgages.com one of the UK's
top sites for the latest remortgage rates and best remortgage deals.