• Remortgage Types

Remortgage Types-  Remortgage implies switching your mortgage to another mortgage lender, with the view to lower the amount your are paying for your mortgage. It helps in saving your money and is particularly relevant in case the price of your home has risen. You can mortgage from the same lender or from other lender as per your wish. However, what is more important is that you find the best remortgage deals for yourself. There are various different types of Remortgages that lenders provide to the the borrowers. Some of them include -

Fixed Rate Mortgage - Fixed rate mortgage comes with a fixed rate of interest and a consistent monthly payments until the life of the loan. Most fixed rate mortgages comes in two, three, five and twenty-five years term. At the end of the fixed rate term, the mortgage will automatically revert to a standard variable rate product, unless the borrower remortgages to a different type of loan at that time.

Tracker Mortgage - The type of mortgage works similar to SVR mortgage but the interest rate is reflected by the bank of England rate base.

Discount Mortgage - The discounted mortgage usually offers you lower interest rate for the first year or two and then revert to the rate as per the current market trend. It is commonly linked to SVR or to the tracker rate mortgage, where interest rate fluctuates based on the Bank of England base rate. In such mortgage types, though the initial rate may be very attractive, prepare yourself for sticker shock when the rate goes higher.

Standard Variable Rate Mortgage - One of the most common type of mortgage, the interest rate here works and fluctuates according to the base rate of the Bank of England. SVRs are generally a couple of percentage points or so higher than the base rate. As the base rate at Bank of England goes up and down so lenders move their SVRs. However, lenders do not have to pass on the full move. Whether shift is up or down. It should be lower than the original base rate.   

Other than these, there are some other remortgage options as well. You may consider the one that choose to your requirements the best way!

 

Standard Variable Rate

Standard variable rate is one of the most common types of mortgage interest rate that most of the people would go for after finishing the introductory....

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Fixed Rate Remortgage

Fixed rate remortgage is where the rate of interest is fixed for a preliminary period say for example it will be fixed for 2 years or can even stretch....

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Discounted Rate Remortgages

Discounted rate remortgage is a type of remortgage where the interest rate is set at a certain amount less than the lenders' standard variable rat....

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Collared Rate Remortgages

Collared rate remortgage is the type of remortgage where the interest charged on the loan amount fluctuated as per the SVR mortgage. However, the loan....

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Bad Credit Remortgage

Bad Credit Remortgage Definition ! Bad credit remortgage is nothing but a standard mortgage provided by lender to the people with bad credit and the o....

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Adverse Credit Remortgage

Remortgage Specialists For Adverse Credit Remortgage ! Usually, people with bad credit score have to face multiple rejections in order to owe a remort....

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Long Term Remortgages

Long term remortgages are the type of remortgages that usually last for longer time period than the other remortgages. The mortgage that lasts for mor....

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