Types of remortgage deals

Remortgaging Made Easy!

For many of us, mortgage is one of the biggest monthly expenditure. A small reduction in the existing interest rates can sometime result in saving £1000s each year. A cost-effective way of switching a subsisting mortgage to a new deal, remortgaging is the process of redesigning a deal with a lender or opting for switching mortgage proceeds with a different lender.

However, not many want to get into the hassle of comparing various remortgaging options from different lenders. Smortgage.co.uk aims to take that hassle away for you and simplify your search for the best deal. Homeowners or mortgage seekers generally opt for natwest remortgage process or standard remortgaging to lessen extra costs or mitigate high payment prices of an ongoing mortgage plan.

Types of remortgage deals

There are different types of remortgage products available on the market. It is important to understand these types of products and then scout the market for the type of deal that suits you best. Efficiently manage cost-effective payment plans when you plan to switch a mortgage deal. Compare best remortgage deals in the UK to determine the payment schemes and associate with either a new or an existing lender to score a great remortgage deal.

Remortgage deals: fixed-rate mortgages

For most deals you can fix your interest rates for two, three or five years, although there’s no limit on how long you can fix this period.

Remortgage deals: tracker mortgages

These mortgages are based on the Bank of England’s base rate at a set margin e.g. base rate 1%. Any decrease in Bank of England base rate will result in your repayments going down. If it increases, your repayments will become more expensive.

Remortgage deals: discount mortgages

Every lender is provided with a Standard Variable Rate (SVR) that determines the interest rate fixed on a mortgage deal. Our mortgage deal proposes a percentage discount set on the SVR that will cancel out the extra interest charges i.e. For a fixed term, the total rate will be 1% less than the SVR.Most deals will last for two, three or five years.

Remortgage deals: offset and current account mortgages

These kinds of mortgages use the money in your saving and/or current account ‘offset’ the amount of interest you repay on it. They work by combining the money you owe on your mortgage with your savings. With Smortgage, you can reward yourself with a standard buy to let remortgage comparison in UK. Submit your remortgage application on smortgage.co.uk and let the independent mortgage advisors on our network study your situation and suggest you the best deals that suit you.