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How To Find A Low Cost Remortgage

Sep 15, 2008
A mortgage is probably the biggest financial decision an individual or couple can make in their lifetimes. It is certainly the largest amount of money anyone will borrow in their life and will continue to play a significant role in their personal finances for a large portion of their lives.

When you arrange a mortgage you usually find a package to suit your needs at the time. The mortgage you have will be a deal where you agree to either a fixed or variable rate for a specific period of time. This fixed period of time is usually 2 to 5 years but can be arranged for 10 or more years. Eventually this deal which will be better than the lenders standard variable rate will expire. When it comes to an end you will default to the lenders standard variable rate.

Most borrowers will not want to remain on the lenders standard rate as it will mean that their monthly mortgage payments will be much higher. Depending on your current deal you could find yourself paying out hundreds more each month in mortgage payments. With most peoples budgets being squeezed this is not a situation you want to be in.

Your alternative to your lenders standard variable rate is to remortgage. With a remortgage you can find a new deal that will mean you can minimise your monthly mortgage payment outgoings. By finding a lost cost remortgage you are potentially saving yourself hundreds if not thousands of pounds a year.

The aim of finding a good low cost remortgage deal is to find a balance of low monthly out goings balanced with a low initial outlay. There is usually a balance between initial cost which includes the fees to set up your new remortgage and what you will end up paying each month on your remortgage payments. As a rule the higher the initial fees then the lower the monthly payments.

First of all you need to work out how much you would be paying over a year if you remained with your current lender and defaulted to the standard variable rate. This is so you have a figure to compare against any deals you find. You can search the online mortgage comparison sites but also visit local whole of the market brokers and talk directly with your local high street banks. It will not usually cost anything for their advice so it will only cost you the time.

For each of the remortgage deals you find take you can now compare the amount you will be paying over a year or the length if time your new remortgage deal is for. You will also want to compare how much you will have paid in total for the same period. This will not be possible for deals that include variable rates that will rise and fall with the bank of England's base rate.
About the Author
Find out how you can get a low cost remortgage and save money at http://www.LowCostRemortgage.uk
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