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Best Remortgage Deals 2022 From 1st UK Money

Best Remortgage Deals

To find the best remortgage deals you need the help of a person that knows the entire remortgage market. It’s not just the search for the best remortgage rates, it’s lenders fees you have to consider too. Plus you have to work out how long you want to keep the mortgage.

The key to a low overall cost (risk-adjusted) is also to work out if you can afford a higher payment if interest rates go up. If you don’t want a variable monthly payment you should get a fixed rate.

Remortgage Deals For Autumn 2022 And Beyond

  • Remortgage interest rates from 2.16% fixed for a minimum of two years and subsequent discounted rates.
  • 1st UK Money have funding from lenders who offer excellent terms and are open-minded to those with bad credit.
  • No need to pay an exororbitant £1495 fee to a broker!
  • Funding is limited with some lenders, so please complete the form further down the page with your details.

So what does 1st UK money have that others don’t?  We have over a decade of experience in financial services. We have a history of delivering remortgage deals with a low overall cost over the term the mortgage is likely to be in place.

In addition to the same lender panel most brokers use, we have access to some overseas lenders, some private boutique UK lenders, plus some firms of solicitors that lend their own money to suitable applicants. 

Try finding a credit broker with all the lenders we have access to – it would be easy.  If you want to save money on your mortgage deal, we are the people to help you.

Remortgage While You Can Still Get A Low Rate, 60 Second Form – Apply Today.

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What about my current mortgage deal – could I keep the same lender?

We are not afraid to point out if you are better off sticking with your current mortgage deal with your existing lender and can advise about keeping your existing mortgage deal and getting a secured loan. 

Interest-only mortgages can be hard to find now, so if you still have one from back in 2006, it could be wise to keep it.  If you need money to fund home improvements and have enough property value and a current loan to value ratio, a secured loan could be ideal. 

You will still have to pay valuation fees and maybe an arrangement fee, but this could be worth it if you want to raise money with a low overall cost.

Fixed-rate mortgages – the best remortgage rates or a good deal for the mortgage lender?

Many people have it in their heads that a fixed-rate mortgage is the only way to go, but while your monthly repayments are fixed, there is a real danger your remortgage deal could have early repayment charges that may end up being costly for you. 

We are a mortgage broker who can help you quantify if these interest rates can save money for your circumstances, even if your credit score is less than perfect.

People with larger mortgages and a much higher net worth have been known to stick with a discounted tracker or variable rate mortgage and hedge the risk of increased interest rates with a derivatives contract!

An interest-only mortgage can be suitable for some people, but most lenders want you to have a repayment mortgage. 

If you believe rates will stay low for a long time, a tracker mortgage could be a great deal for you with low monthly payments and little or no early repayment charge.

The overall cost for comparison can be useful. Still, it would help if you also considered the lender’s standard variable rate, as you may need to be on this rate for a while, waiting for other mortgage deals to appear.

If interest rates fall, and it’s far from impossible, the bank of England base rate is forced negative; you are stuck with mortgage repayments that are unnecessarily high.  You would have been better off looking at tracker mortgages.

With a redemption penalty in place, you can’t pay back the mortgage balance early.

Discover Today’s Best Remortgage Rates. Quick Quotation Form

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  • Remortgages
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  • Please enter a number from 50000 to 25000000.
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Compare remortgage deals for debt consolidation with minimal mortgage fees

If you are in a financial situation where you need to consolidate debts that you pay interest on at a high rate, the mortgage costs can sometimes easily be covered by a lower overall rate. It’s key to choose the best remortgage deals at the time.

What about new mortgage legal fees, arrangement fees, remortgage fees, and valuation fees?

Some of the best new lender discount mortgages will have lender’s fees added on, especially ones with 3 year or 5 year fixed rates that are very low.  Part of the mortgage process will be to consider if these fees are worth paying to get that deal from that mortgage provider at today’s interest rates.

What mortgage calculators don’t consider when it comes to the best remortgage deals

If you compare remortgage rates to release equity to reduce mortgage payments, you could take on a mortgage with high redemption costs.  If you get a new job or have to move house for personal reasons you could lose money.  Sticking with your current lender could save you these costs. 1st UK money can help with a remortgage calculator and give consideration to the outstanding mortgage balance, your credit rating, speed of mortgage offer and the longer-term standard variable rate mortgage costs.

The mortgage market changes fast and a fixed rate deal when you compare mortgages may require a speedy application.

Many people say they want a fast remortgaging process, and the key to this is getting your paperwork prepared. Repayments on your mortgage with a different lender may be higher because the lender may force you to pay the money back over a shorter term depending on your age.

When you a looking for a new mortgage deal, look carefully at the following:

  • Your current consumer credit commitments
  • The exit fees if any
  • Your longer term financial circumstances
  • The good parts of your initial mortgage
  • Using a broker, not a lender initially
  • Using a remortgage comparison tool that is not oversimplified
  • The remortgage costs including the valuation fee and fees for a further advance
  • The things on your bank statements that the lender may not like e.g gambling
  • The right deal may let you borrow money even though it has a big fee
  • Find remortgage deals before your current deal expires
  • Don’t spent a lot of time comparing mortgages where your annual income for the fixed term is insufficient
  • Get a copy of you credit file and study the lender’s criteria before starting the remortgage process
  • The lenders with a higher loan to value ltv will likely have higher rates and higher set up fees
  • The best remortgage deal may not be the one that has the lowest fees.
  • What are the costs if you payback the mortgage early

What if you are nearing retirement age?

If you want to keep your mortgage as late into life as possible, you should pay close attention to the mortgage term and get mortgage interest rates that go out a long way.

The money you borrow against your home is likely the cheapest money you will ever borrow due to the perceived quality of the collateral you post (your home).

What about if I have some bad credit history?

It’s not all bad news – far from it.  As long as you have some good income and put in a good truthful mortgage application, you can still compare mortgage rates, just with a smaller pool of more specialist lenders. 

You have a good chance of getting a better deal than your current mortgage lender if that mortgage has reverted to a very high lender’s standard variable mortgage rate. Some of the best bad credit remortgages are from smaller less well-known lenders.

What about offset mortgages – are these the best remortgage deals?

Suppose you are lucky enough to have access to a pool of capital like your company retained earnings or other money. In that case, you could change your current deal for an offset mortgage where the interest payments are lower because you have a smaller mortgage. For some people, the best remortgage deals are offset mortgages.

Best remortgage deals for 2022

1st UK Money is one of the few mortgage brokers that will make applications with modest fees as long as you are borrowing a reasonably sized lump of money.  It’s very rare to get a free valuation.

Best remortgage deals with additional borrowing

As long as you have a strong provable income and enough home equity, getting a new deal for your mortgage with additional borrowing won’t be a problem.

Loan to value requirements for top remortgage deals

You can easily archive an 85% loan to value at a good initial rate if you have a good credit history and strong earnings.  Some lenders will go to 95%, but the choice and terms are nowhere near as good.  With some poor credit, higher loan-to-value deals are more difficult but not impossible as long as you have suitable proof of income. The best remortgage deals usually require near-perfect credit.

Don’t forget the best remortgage rates today may not be the best rates in a few weeks time. You also must look out for the other costs.

What about if I need to release equity and I have a large mortgage redemption penalty?

If you are looking to consolidate debt, buy a car or another large purchase you should click here to read about the choices you have for secured loans.

Even if you have a DMP or have an old CCJ, as long as you have an appropriate level of personal income you should be able to get a remortgage or secured loan.

Remortgage to release equity – getting mortgage advice

If you have a suitable income, the mortgage money is probably the cheapest money you will ever be able to borrow, due to the quality of the collateral you pledge (UK residential real estate) and the lender’s belief that your income will be sufficient.

If you have any higher cost credit, it could be wise to remortgage to release equity but the best reason to remortgage is to increase the size of your home by doing building works or use the money to put towards the purchase of another property – maybe a holiday home or to rent out.

But, it might only be worth doing if you can find the best remortgage deals with no lender fees.