You are looking to remortgage and want to know how you can get the best interest rate? There are over 14,000 mortgages available in the UK. We will whittle these down to find the perfect overall deal for you and your property situation.
Your best available remortgage rate will change on a daily basis as the mortgage lenders change their interest rates almost every single day. However, with the help of a no fee mortgage broker who has access to the whole market, you will be able to find and secure the most perfect available interest rate for you.
In this guide, we will show you exactly how you will be able to get the very best remortgage rate and also show you how it is possible to remortgage without it costing you a penny!
Finding the perfect remortgage rate for you
So your existing fixed or tracker rate is coming to an end! With the Bank of England reducing the base rate to a historic low, there has never been a better time to remortgage! The savings that can be made can be quite eye-watering!
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When can I start my remortgage?
You can start to get your remortgage underway any time from 6 months before your existing deal ends. The average time for a remortgage to complete is around 3 months, therefore we would advise that you start the process anytime between 3-6 months before your current term ends.
How do I find out when my mortgage rate ends?
The easiest way is to look at your original mortgage offer which will clearly state the end date of your existing fixed or tracker rate. If you are unable to find your whole offer, no worries as you will find the date that your existing deal finishes on your annual statement. It’s important you don’t complete on your new remortgage deal before this date to avoid paying early repayment charges.
I want to remortgage, where do I start?
With over a hundred different bank and building societies and with over 14,000 different deals available it may feel a little overwhelming finding the right one for you.
The first step a lot of people will take is to go to a comparison website. However, we would advise on being careful when doing this! You will soon notice that the number of mortgages offered to you is very few in number! This is because comparison websites do not compare the whole mortgage market. In fact, you will find a few comparison websites that compare as little as 20 lenders. That’s a mere 20% of the whole market!
Use a mortgage broker to orchestrate the lender switch to avoid paying any early repayment charges when remortgaging.
Paying too much for your mortgage?
Chances are you could save money with a better rate
Get a free broker to help you
We recommend that you do some research to get hold of a highly rated free whole of market mortgage broker. The broker will be able to search every single bank and building society and the 14,000+ different rates available to find you the very top deal available to you!
How do I find a mortgage broker?
The easiest way to find a mortgage broker is to Google – ‘whole of market mortgage broker’. This will give you a list of brokers that will be able to help you get a great deal. Spend a few minutes comparing the different brokers that are available.
Take a look at their websites and make sure they have lots of Facebook and Google 5 star reviews. Do they offer an easy communication channel to support and provide you with the best service? Another question to ask is ‘do they charge you a fee for their service?‘.
How do I find a mortgage broker that doesn’t charge a fee?
Over 60% of mortgage brokers do charge a fee. The good news is that leaves a good 40% of brokers that don’t charge a fee and they tend to be the larger mortgage brokers that give great customer care.
What else can I expect a mortgage broker to do for me?
Step 1 – A mortgage broker will start by understanding your situation and what you are wanting to achieve. Apart from getting a great remortgage deal, you need to ask yourself:
- Are you wanting to raise extra money?
- Are you looking for a fixed rate over 2 years or 5 years?
- Are you wanting to reduce the mortgage term?
- Are you wanting to extend the term of the mortgage to save money on the monthly payments?
- What is the overall cost / total amount payable over the term?
Step 2 – The mortgage broker will start to search the whole market to get you the deal that is most suited for your situation. They will find a deal tailored to your exact requirements to fit your situation. Once you are happy the mortgage adviser will submit the mortgage application to the lender on your behalf.
Step 3 – The mortgage broker will see your mortgage application right through to completion. They will make sure that the new mortgage completes just after your existing mortgage deal ends. The timing is important if you want to avoid an early repayment charge.
Can I expect to pay any other mortgage fees?
Most banks and building societies keen to attract new customers and therefore offer incentives to gain you as a customer. These include
- Free Valuation surveys
- Free legal fees
- No arrangement fees
- No product fees
- Fees Free Service
When your mortgage broker is searching for your mortgage they will be able to search for a mortgage deal that offers the above incentives. There are even a few lenders that offer cash-back incentives which means not only will you be getting a better deal but you will also receive a few extra pounds in your back pocket!
Do I need a solicitor when I remortgage?
You will need a solicitor when you remortgage. However, the good news is you should get this service at no cost to you. Your mortgage broker will be talking to your solicitor on a weekly basis as well as taking care of any paperwork.
Will I need my property valued?
You will need your property to be valued by the new lender. The mortgage lender will need to know that your property is suitable for mortgaging. Most lenders now carry out desktop valuations which means that they will not need to physically enter your property. If they do want a visual inspection this should be at no cost to yourself.
How much can I remortgage for?
It is possible to remortgage up to 90% LTV (loan to value) however the interest on these would be very high. This is where it is very important to get good sound advice from a mortgage consultant. There are many reasons that people increase the amount they mortgage for. The two main reasons are usually home improvements and/or debt consolidation.
- Home Improvements – Mortgage lenders tend to look at you in a favourable manner if you lending extra for the purpose of home improvements as this will increase the value of the property.
- Debt consolidation – Lenders will allow consolidating debt by adding it to your mortgage to help pay off loans or credit cards etc. However, they will look into the affordability of this in much more depth. Get good, sound helpful advice as although it will reduce your outgoing significantly in the short term, the cost of adding to your mortgage over the long term can be very expensive!
Is it worth paying a fee to get an even lower interest rate?
Possibly! Again get advice on this as it will really depend on what size mortgage you are wanting as well as the cost of the fee to get the lower rate. You need to look at the overall cost and check that the enticement for choosing a lower interest is worth it.
A mortgage broker will have the ability to look at the total amount payable over the term of the new deal to be certain you benefit sufficiently. The average arrangement fee is £999, therefore, you would need to save more than this over the period of your new deal ie 2, 3 or 5 years.
So whats next…
Either get on Google to search for a whole of market free mortgage broker or talk to YesCanDo Money.
YesCanDo Money is a family-run independent mortgage broker. Being whole of market means they will search to get you the perfect rates and deals for you and your situation. What’s more, is that we are a fee-free mortgage broker so they will not charge you a single penny for their mortgage advice and support.
Our 5-star customer service and communication will help to make your remortgage as easy and smooth as possible. With hundreds of 5-star Facebook and Google reviews, you will be able to see this for your self.
Frequently asked questions related getting your perfect rate:
What is the standard variable rate (SVR)?
A standard variable rate is the base interest you revert to with your current mortgage lender once your fixed rate ends. You need to avoid this happening by starting your remortgage 3-6 months before your end date. This can be very costly and will see your monthly payments increasing by hundreds of pounds a month! Don’t fall on to a standard variable!
Are mortgage brokers regulated?
Yes, mortgage brokers are authorised and regulated by the financial conduct authority (FCA).
Is the mortgage rate that important?
It is very important! You could save a significant amount of money if you have a large mortgage, especially over time. Even with a small mortgage, you could lose money if you’re not on the best rate.
How will I know how much interest I will pay?
On any mortgage illustration, it shows the total amount payable for your mortgage and this will highlight how much interest you will pay. This will highlight the importance of getting a good mortgage deal and the cost of the mortgage over the whole term including fees payable.
We care about the overall cost to you and strive to get you the finest deals to save you money.