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Where To Find Remortgages

May 1, 2008
The mortgage market is vastly different to what it was a few years ago. For the best part of this decade lenders have been heavily marketing and frantically approving millions of discount rate home loans that are designed to switch to a higher variable rate several years later. Lending criteria was loose and high property valuations common meaning that remortgages were easy to acquire.

However the market has completed a u-turn and refinancing a home or investment property has become quite difficult. Simply calling up your mortgage broker for a quick rundown on which remortgages are currently available to you does not yield the same results as it once did. Lenders have reigned in their home loan products by the thousand and remortgages have been axed as much as mortgages for property purchases.

Finding a home loan to suit your remortgaging needs may be more difficult now than it was a few years ago but there are still products available. It is likely that once the higher level problems are sorted out in the money markets remortgages will make a triumphant comeback onto the property scene. In the meantime, if you need to refinance your home, you should exhaust every possible avenue available to find a product to suit your requirements.

Although there are fewer remortgages to choose from, a mortgage broker may still be the best option for finding the best product available on the market when refinancing your home. Independent mortgage brokers have constant access to the entire mortgage market and keep a close eye on the availability of home loans. Products may be disappearing quickly, but they will begin to reappear at some point in the future and mortgage brokers will no doubt have access to such information before anyone else.

The internet can also be helpful. There are dozens of websites comparing many different types of mortgages on best-buy tables. The products that are included in the tables are currently available meaning that it can be seen at a glance which mortgages are ripe for picking. Best-buy tables display information such as the lender and the interest rate for each product and the mortgages at the top of the table are usually regarded as the best available at the time.

This can be helpful but people should research the products more carefully before using them for remortgaging. Only a small amount of information is displayed for each product so there can be many important terms and conditions that can only be found in the fine print. It is also common for the mortgages at the top of the tables to disappear quickly as the majority of the websites' visitors will apply for them. In the current environment of lenders pulling products from the market quickly this means that fast action is required to secure the home loans that are regarded as best-buys.

Finally, appropriate remortgages can also be found by contacting lenders directly. This included contacting your current lender to see if they have a mortgage product available that you may me able to switch to easily. If not, you may like to contact several other lenders by yourself to see what they have to offer. If you find a product and apply for it directly with the lender you could save money by avoiding mortgage broker fees.
About the Author
For impartial advice on Remortgages or to apply today submit your details to www.remortgagesource.co.uk and speak to an independent mortgage broker
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