Thinking About A Remortgage? Let’s Look At The Choices
Remortgage Regulars
When you’re thinking about a remortgage you have a number of options you’ll want to weigh. Let’s look at the choices:
* Standard variable rate (SVR) remortgage -usually this is the most costly rate, typically with a low temporary rate up front as a promotion and then a transfer to the standard variable rate once that time period has passed. Most homeowners on an SVR will try to remortgage as soon as they can.
* Fixed rate remortgage – This typically has a set interest rate for a predetermined time period, after which the lender’s current SVR kicks in. This mortgage or remortgage provides a firm monthly payment for the initial loan period, although subsequently may not be cost effective. This mortgage, just like the SVR, is something a homeowner often seeks a remortgage from.
* Capped rate remortgage. Whether your first mortgage or your remortgage there are pluses and minuses on a cap rate mortgage. You have the security of knowing that for the initial period of two to three years the highest rate you will pay. But the cap may in fact...
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