UK Remortgage brokers - 9 Top Tips

Here are a few top tips for getting the best out of your lender and UK re-mortgage brokers.

This is not an exhaustive list but is a useful guideline:

1. Start the process early enough to give yourself some breathing space
   
2. Ask what re-mortgage deals are available and what should you be looking out for?
3. What rate of interest will your product carry?
4. How much will you save, if anything, on my new mortgage rate?
5. What is the standard variable rate (SVR) that the mortgage will revert to?
6. What are the new monthly repayments?
7. What is an annual percentage rate (APR)?
8. Are there any early redemption charges (ERCs) or exit penalties?
9. Does the mortgage carry any arrangement fees?
10. How long will the whole remortgage process take?

If you are one of the people who is currently on a fixed rate, your bank or lender will normally offer a new arrangement. Be on the lookout for a higher monthly payment, current rates are not as good as they have been but there are still good deals around.

Be aware that going back to your lender may not be the best approach because they are only able to offer loans from their own portfolio.

Even though a lot of products have been withdrawn it isn't all gloom and doom. There are still something like 4000 products available.

There are a number of good UK re-mortgage brokers that should be able to advise on the best course of action.

Happy hunting