Compare Variable Rate Remortgages
Variable rates for remortgages can potentially offer much lower interest rates based on the performance of the UK economy. In economic downturns, interest rates may fall to encourage spending and growth and households looking to remortgage could take advantage of this.
With rates ranging from 2.2% to 2.9%, Remortgage Quotes Online can help you find the best variable remortgage deal based on quotes from over 40 UK lenders. We work with whole of the market in the UK and can offer quotes in real-time based on the details you can provide. To get started, simply click on the apply now button below:
- Rates may go up or down depending on economy
- Could enjoy much lower rates
- Can always remortgage to change your deal
- Option to make overpayments
- Applying will not impact your credit score
What Are The Different Types of Variable Remortgages
Tracker remortgages : This is a rate that moves in line with the Bank of England’s base rate. This means that it is not the same rate, but if the Bank of England rate goes up, so does the tracker rate. You receive full transparency because it follows the bank’s rate which is currently around 0.75% and if interest rates fall, you could pay a very low rate. However, there is the risk that this rate could increase and you will pay more as a result. See tracker remortgages for more information.
Standard variable rate : Every lender has their own standard variable rate (SVR) which similarly follows the Bank of England base rate. This is typically a very high rate and is often what homeowners are put onto automatically once their introductory offer has ended. The benefits however of paying a high rate is that if the Bank of England rate falls, your rate will fall too, and it often does not come with any early repayment fees.
Discounted variable rate : This refers to the introductory offer for around two to three years that typically comes with a new mortgage deal. This is usually very low and a fraction of the standard variable rate hence it is very common for people to remortgage to take advantage of this offer.
How Can I Get The Lowest Rate Possible?
Making the most of introductory periods will help you get the lowest rate possible when you remortgage. This is a huge incentive to get a remortgage quote and it is estimated that the average household can save up to £4,000 per year by remortgaging. It is important to take other considerations into account such as the costs for early repayments or overpayments and any other plans that you have to move in the next few years.
Furthermore, most remortgage rates are based on loan-to-value (LTV) and if you have more equity in your home because you have accumulated years of paying off your mortgage, you will typically be able to access the lower rates. After all, the risk from the lender will be very different if they are lending to you at 40% or 50% LTV, compared to 90%.
What is The Eligibility For a Variable Rate Remortgage?
- You plan to stay in the property for the next few years
- You meet the lender’s income and affordability criteria
- Good to fair credit score and no recent defaults
- You are employed and have a stable income
- Your property has not reduced heavily in price
Remortgage Quotes Online can help your find the best variable rate remortgage deal, taking into account quotes from over 40 lenders. Our system is able to provide quotes in real-time and you have the freedom to proceed with the option of your choice.
We are passionate about helping households save money and find the best mortgage product for them. All quotes are completely no obligation and there are no fees for application. To get a quote in minutes, simply click on the button below.