To remortgage means that you are either switching your mortgage deal with your current lender or switching lenders entirely for a better more cost effective mortgage deal.
Reasons for remortgaging could be to just take advantage of a better deal, because very often after your initial promotional rate expires with your lender you end up on the lenders standard variable rate (SVR) or it could be to borrow additional monies perhaps for some home improvements.
It is important to consider the costs that can be incurred in changing lenders, there will be the release fees from the lender, the early repayment charge (ERC) if you were to leave the lender early, valuation fees and legal conveyancing fees. Luckily many lenders offer some incentives to encourage you to move your mortgage and these can include free valuations and free legal fees and some will even waive their arrangement fee allowing for a fees free remortgage deal.
We have a handy remortgages calculator that can calculate how much you could save by remortgaging to a lower interest rate, or how much it would cost you to increase the size of your loan and you can choose from a Tracker, Fixed, Capped, Discounted or Flexible remortgage.
Our mortgage advisors will be happy to make these calculations for you to determine what is the best course of action for you in remortgaging, thus ensuring that to remortgage is worthwhile or not.
Remortgage Comparison | |||||||
|---|---|---|---|---|---|---|---|
| Lender | Rate | Term Type | Std Rate | APR | Fee | Early Repayment Charges | Max Loan to Value |
| Woolwich | 5.59% | 10 year fixed | 5.95 | 6.30 | £995 | 6% of loan amount for term | 60% |
| Astra Mortgages (N&P) | 5.69% | 3 year stepped fixed/tracker | 6.66 | 7.00 | £585 | 5% of loan amount for 3 years | 75% |
| Beverley Building Society | 5.75% | 3 year discounted | 6.40 | 7.00 | £995 | 2% of loan amount for 3 years | 75% |
| Cheltenham & Gloucester | 5.85% | 5 year fixed | 7.00 | 7.10 | £995 | 5% of loan amount in year 1; 4%, year 2; 3%, year 3; 2%, year 4; 1% year 5 | 75% |
| Alliance & Leicester | 5.99% | 2 year fixed | 7.19 | 7.20 | £1000 | 3% of loan amount for 2 years | 90% |
Remortgage price comparison, last updated Monday, 12th May 2008
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
This site is intended for UK residents only. The overall cost for mortgages for comparison is 7.7% APR.
The actual rate will depend on your circumstances. APR variable and based on a usual case.
Grovelawn Financial is a trading name of Grovelawn Limited, which is authorised and regulated by the Financial Services Authority.
Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
Entered on the Financial Services Authority's Register — Register Number: 314204 — Consumer Credit Licence Number: 573287
The Financial Services Authority (FSA) do not regulate some types of buy to let, commercial, overseas mortgages, tax advice and credit or loans not secured on property.