Re-Mortgages

There is the opportunity for most homeowners to save money by remortgaging. Almost anyone with a variable rate loan of more than £35,000 and no redemption penalties should be able to get a better deal.

People with redemption penalties on larger loans may still find it attractive to move.

Many homeowners are moving their mortgages saving money. Remortgaging has almost trebled in the past five years. Latest statistics from the Council of Mortgage Lenders show that British lenders completed £23bn worth of remortgages in 1998, compared to just £8.8bn in 1993.

• Move to a lower rate of interest and reduce your monthly repayments. Some lenders do not offer the best rates to existing customers. It is always prudent to shop around. Savings can amount to thousands of pounds in many cases.
  
  
• Release cash for home improvements, a new car, a caravan or even to set up a new business. It is the cheapest and easiest way of accessing capital compared to other forms of borrowing.
  
  
• Many lenders are now offering free surveys and legal fees, if you move over to their mortgage. Therefore a mortgage transfer needn't cost a penny.

Click here for our selected list of mortgage and re-mortgage companies.