subject: Important Points To Consider When Remortgaging [print this page] There will come a point when you need to look at your remortgaging options and as this is only done sporadically you are unlikely to know all the deals that are available to you. As such you need to seek advice about the current deals that are available from your existing provider and competitors to ensure you are going to get the best deal available.
There are a range of mortgage deals available in the shape of capped rates, fixed rates, base rate trackers and various other flexible deals. Whoever you choose to go with, make sure they fill you in with all the pros and cons about taking each deal and what that means in terms of repayments, make sure they talk you through all their deals and not just the ones that they are looking to push.
One of the first things to consider is the interest rate that your remortgage deal is going to carry. Your provider should disclose the exact rate of interest that you will be paying on any new deal and, more importantly, how long this rate is going to last as many deals may carry a certain rate of interest to entice people into choosing them only to find the rate changes after a few months so double check this with your provider.
When looking to remortgage, you want to try and save as much money as possible and your lender should be able to provide you with a list of deals that are better suited to your circumstances. After all, a year is a long time and your circumstances may well have changed since you first got your mortgage. If you were originally on a fixed rate mortgage, ask whether the provider thinks it would be worthwhile changing to a tracker mortgage or vice versa.
Make sure you compare the standard variable rate of each individual lender so you can compare each one; this is going to help you select the right deal for you. Make sure that the lender you opt for clearly defines the monthly repayments that you are going to have to meet on the introductory level and the rate after this has come to an end. By having these figures you will be able to budget your money over time to make sure you meet these repayments on time.
