How to find the best remortgage deal in the UK

Your mortgage may feel like a burden, but by giving it a little care and attention you may be able to lighten the load.

When it comes to remortgaging, finding the best remortgage deal can ensure that you are not paying more than necessary, which in turn could mean paying off your mortgage sooner than you thought.

Finding the best remortgage deal isn’t just a matter of finding the cheapest interest rate on the market and lumping for that. Mortgage lenders sometimes market their products by offering cheap mortgage rates to catch your eye, but there may be nasty surprises in store. For example, you may find that once the initial rate expires, it rises to a much higher rate and binds you in with early repayment charges.

And there is another reason not to just go for the interest rate when remortgaging: it’s important to ensure that your mortgage suits your personal circumstances. Tailor-picking the right mortgage can be a frustrating as well as time-consuming process, so it’s best to get a mortgage broker to do the legwork for you.

A mortgage broker can take the stress out of looking for the best remortgage deal by searching the whole market to find you competitive mortgage rates that suit your needs. Look for a broker that is not tied to any particular mortgage lender to ensure that you receive unbiased advice from the mortgage market.

The UK remortgage market has never been in better shape. With the huge volume of mortgage lenders offering remortgage deals, the competition is fierce and has led to some very attractive remortgage rates.

Once you have found the right mortgage, it doesn’t stop there. The best remortgage deal today will probably not be the best remortgage deal in a few years time. At the end of the initial rate period, your mortgage will revert to the lender's standard variable rate (SVR), which is not cost effective. Therefore, as we said above, it is important to review your mortgage regularly to ensure you are getting value for money.