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Remortgages

Many people think that mortgages and remortgages are one of the same - but there can be subtle differences. Often the exact specifications of the deal need to be examined to determine if any specific remortgage criteria apply. Using our calculators and quote pages you'll be able to track down your ideal remortgage. There are various types of remortgages each one designed to sastisfy a particular need - these could be interest only, cashback, discounted starting rates etc. Always check the interest rate being offered now, and later in the term, is competitive and check on any redemption penalties. If unsure seek out some independant advice or use a mortgage broker to act on your behalf - several are listed on the site.

Remortgage Choices
STOP PRESS - Mortgage Redemption Fees

The recent investigations by the FSA into inflated mortgage redemption fees has reached a conclusion - most mortgage lenders have back tracked on their action of hiking redemption fees for existing borrowers and now seem to be refunding anyone who suffered a fee increase as long as they ask. The FSA asked lenders to justify their increased fees or revert back to their original lower fee and every lender has chosen the second option. We'd have preferred the mortgage companies just to refund those fees without customers having to claim, but the FSA is stopping short of insisting on that.

Current Remortgage Offers

Remortages make up a substantial part of the mortgage market - especially as many of the best deals run for a limited period of time, so customers are being forced to review their deals on a regular basis and possibly remortgage. Review the current offers and compare them to your own mortgage. We suggest you examine carefully any exit and sign-up charges when comparing different deals.

How to Claim

If you have redeemed a mortgage in the past 4 years and had to pay a mortgage redemption administration fee, then it's possible that you were charged more that the fee stated in your original mortgage documentation. A quick call to your former mortgage company should set the ball rolling if a refund is due. We've heard that some companies like the Halifax will send out refund cheques with no fuss, whereas others, such as Abbey, require a special form to be completed. Sounds like stall tactics to us but nevertheless if a refund is due you should get it eventually.

Best Remortgage Deals

The best remortgage deals are changing almost daily. the market is driven by targets and competitive offers. Banks & building societies are always thinking of new slants to positoin their products as being better than the competition. When searching for a remortgage keep checking for any new offers right up until you sign - saving a few hundred pounds just for the sake of a few days delay could be well worth it.