Get The Best Fixed Rate Remortgages
A fixed rate remortgage provides certainty on your monthly cost for a defined period of time, between 1 and 10 years. The rates are often less than half the rate they will jump to when you When the fixed period ends, you can remortgage again without any early redemption fees.
Fixed rate mortgages provide peace of mind to households so they know exactly how much they are paying for their mortgage each month. The repayment will not change for the entire introductory period, allowing for easier budgeting. An alternative to a fixed rate mortgage is a tracker remortgage where the mortgage rate and repayments will generally follow the Bank of England base rate which can go both up and down dependent on market conditions.
If you want peace of mind from stability or if you are concerned about the economy and fluctuating interest rates, a fixed rate remortgage could be a good option for you. If you have over 25% of the equity in their property, be that from property price inflation or as a result of paying off their mortgage. The best buys are now under 1.5%, making this an attractive time to fix.
In 2019, nearly half the people remortgaging opted for a 5-Year fixed remortgage, their highest share on record up from only one third of customers 3 years ago*.
Customers are choosing to go for longer term fixes for 2 main reasons:
- Concern over the economy with Brexit looming, increased hostility in the middle east and a mercurial leader in the White House.
- The difference in the Interest Rates between 2 – 5 years has never been smaller, meaning that there is only a small difference in the monthly cost you will pay.
Compare your 2 year fix and 5 year fix options today on remortgage quotes online.
- Best buys updated daily
- Rates remain fixed for the introductory period
- Real-time quotes provided
- Compare rates from whole of market
What To Consider When Getting a Fixed Rate Remortgage
When searching for a fixed rate remortgage, you may find that there are other cheaper products available such as tracker remortgages, depending on the UK property market, lenders and the economy.
However, you should also consider that if you choose a tracker, you will not benefit from the security of fixed monthly payments for the duration of the initial period.
We will provide you with a number of fixed rate remortgage quotes in real-time. Each deal will have its own unique features and terms. Your personal circumstances, may mean that it will make sense to choose a slightly more expensive deal that has:
- Lower early redemption fees
- That allows bigger over payments
Offers more flexibility on the type of property your mortgage can be ported to.
If you have plans to move home within an introductory period, it is important to ensure that the mortgage you’re getting can be ported to the types of property you want to consider when you move.
In any case, porting your mortgage may not be that easy, so it may be worth considering mortgages without early redemption fees, so you can easily apply for a new mortgage if that makes more sense.
You can apply for a decision in principle on your new mortgage up to 6 months before the introductory period ends on your existing one. You won’t be under any obligation to take the deal, but if you think rates might rise during the intervening period it can act as useful insurance policy and reduce the chances of you accidentally ending up on the more expensive rate that your existing mortgage will move to when its introductory period ends.
Once you have done your quote through RemortgageQuotesOnline, your details will be passed over to a qualified mortgage broker who will be able to guide you through the process and help ensure you get the best possible deal and you can usually get a Decision in Principle in just a few days through our carefully selected partners.
Provided everything is agreed and signed at least a month before your introductory period ends, you will simply be transferred to the new mortgage im a seamless and straightforward way.
To make comparing products with different fixed periods easier, we will provide you with each mortgage’s “true annualised cost” for the initial period, using the following calculations:
Initial monthly cost x 12 months = Initial monthly payment per year
(Total Fees / Initial Period in months) x 12 months = Fees per year
(Cashback / Initial Period in months) x 12 months = Cashback per year
Initial monthly payment per year + Fees per year – cashback per yar = True Annualised cost
What Information Do I Need To Provide Remortgage Quotes Online?
When you make an enquiry on our site, we require a few basic details including the estimated value of your property, as well as the amount you still owe. From this, we can calculate your current loan-to-value (LTV) ratio. This will determine the interest rate you will be given by lenders.
The very best rates will be available to those borrowing less than 60% of the property’s value and they will increase with each 5% decrease in the equity you hold in your property.
Upon submitting your details in our remortgage calculator we will provide a list of real-time quotes from over 80 mortgage lenders.
When you submit your details, we will calculate the initial monthly payments, the fees you may be charged fees as well as the annualised cost for comparison.