If you have clean credit, loads of income, and equity in your property, getting the best remortgage UK rates can be simple.
You are free to look through the best remortgage comparison tables and apply to any of them you choose.
Not everyone will be eligible however, as each lender has different criteria on who is and isn’t acceptable – They look at the income you earn including overtime, bonuses, commission, pensions, and benefits; they asses your credit score and payment history; the amount of borrowing you have; the amount of equity in the property; and even the property type.
The main factor that determines which is the cheapest remortgage deal for you, is the equity you have in the property.
In simple terms, the more equity you have, the lower the risk to the lender, and the better the rate. Historically, remortgage rates have been much higher than they are today, in the most part due to the government and Bank of England keeping rates down to record levels.
The problem for some people however, is that they head straight to their current lender or bank and take the first rate they are offered.
This should really be avoided, as the chances are even if they offered you the best deal last time round, things could be very different now – remember, the market changes all the time, and your loyalty is rarely rewarded.
How often do you hear of ‘great offers for new customers’, compared with bonuses being handed out to existing customers.
Shopping around for the best deal is important. Many find this time consuming and difficult because there’s so much jargon and so many options to choose, and so enlist the services of a mortgage broker to take over and arrange the best remortgage deal.
For this they usually also take care of the entire switch over process from start to finish, and can also search through for the cheapest insurance deals too – taking the hassle away.
If you want advice on which out of the thousands of mortgages is the best remortgage deal for you, then just make an enquiry with an expert.
