Careful planning is required when shopping for a remortgage deal, and the process begins with finding a good remortgage quote. In order to realise the full benefits and savings that you hope your remortgage will achieve, you will need a wide range of quotes to compare and contrast.
How To Obtain Remortgage Quotes
Use an online remortgage quote comparison tool to easily compare the advantages and disadvantages of all the leading lenders’ current remortgage deals. As an alternative, contact an independent adviser who can obtain remortgage quotes for you and explain the relative benefits of each one.
Use An Independent Adviser
Independent Financial Advisers (IFAs) offer unbiased independent financial advice on remortgage products and surrounding issues. IFAs might also act as brokers, under the name of independent mortgage brokers. Independent brokers are the only ones who remain unaffiliated with any particular product or company. They may also agree to work on a flat fee basis, rather than commission, which can reduce or eliminate any additional sales pressure.
Who Provides Remortgage Products
There is keen competition in the remortgage market, with many different companies, organisations, and individual brokers to choose from. Different lenders will specialise in different types of remortgages, such as buy to let or second mortgages. Look for lenders willing to offer incentives such as free legal fees of valuation services.
The actual mortgage deals are provided through banks, building societies, or mortgage companies. Their remortgage products are marketed directly, as well as through networks of brokers, affiliates, and introducers. To assist you in finding a remortgage quote, UK lenders are listed below for your reference.
How Do You Choose?
Most people base their remortgage decisions on three main factors:
- Type
- Cost
- Contract
Type refers to the method used to determine the mortgage interest rate. This could be tracker, variable, fixed-rate, discounted, or any of several other methods. Cost is the total fees associated with the loan, such as legal fees or valuations. Contract refers to how favourable and flexible the conditions and terms are.
Quote Comparison
In terms of cost, there are a number of questions you should ask when comparing different online remortgage quotes:
- What is the initial interest rate, and how long does it last?
- What is the Standard Variable Rate (SVR)? If you remain with the policy after its initial term, this rate will last for the remainder of the mortgage term.
- What is the required loan-to-value (LTV) ratio? LTV defines the maximum amount you can borrow, typically from 75% to 95% of the property’s valuation.
- What fees and charges are included in the mortgage? How much will they run over the first year, and the first five years?
- Is there an early repayment charge?
- Are there other charges and fees?
Common Remortgage Fees To Watch Out For
- Legal Fees
- Arrangement Fees
- Valuation Fees
- Solicitor Fees
- Telegraphic Transferee Fees
- Dead Release Fees
- Mortgage Indemnity Guarantee
- Early Redemption Penalties
- No Stamp Duty!
Quote Comparison
After you have considered all these factors, use a remortgage calculator and try to work out the total cost of the quoted mortgage over the first five years. Be sure to take into account the introductory rate. You will need to do this for a number of different quotes to determine which deal will be most cost-effective for you.
Remortgaging with a new lender usually takes about one month to complete. It is possible to finish the transaction in less time, however, if the need is urgent.
Current UK Lenders
You can obtain an online remortgage quote UK from the following partial list of lenders:
§ Abbey § Accord mortgages § Alliance and Leicester § Amber Home loans Remortgage Rate § Bank of Ireland § Bank of Scotland § Barclays § BM Solutions § Bristol and West § Britannia § Buckinghamshire Building Society § Build Loan § Cambridgeshire Building Society § CHL Mortgages § Chelsea Building Society § Cheltenham and Gloucester § Cheshire Building Society § Chorley Building Society § Clydesdale Bank § Co-op § Coventry Building Society § Darlington Building Society § he Derbyshire § Direct line § Dudley Building Society § Dunfermline Building Society § Ecology § Egg Remortgage § First Active § First National bank § Future Mortgages § GMAC RFC § Halifax § Hinkley and Rugby § HSBC § Igroup § Intelligent Finance § Ipswich Building Society § Kensington Mortgages § Kent Reliance § Lambeth Building Society § Leeds Building Society § Leek united § Market Harborough § The Melton § Monmouthshire Building Society § Mortgage Express § Mortgage Trust § Mortgages PLC § Nationwide § Northern Rock § Norwich and Peterborough § Nottingham Building Society § Paragon § Platform § Portman Building Society § Preferred Mortgages § Principality § Royal Bank of Scotland § Saffron Walden Building Society § Sainsburys Bank § Santander § Scarborough Building Society § Scottish Widows § Skipton Building Society § Smile § SPML § Standard Life § Stroud and Swindon § Tesco § The Mortgage Business § The Mortgage Works § UCB Home Loans § West Bromwich § Woolwich Building Society § Yorkshire Building Society
Go back to Aspendance Realty home for information on second mortgages.