Why are the best remortgage deals not always those with the lowest rates?

Comparing rates to find the best remortgage deals would seem obvious but checking the mortgage terms and specific details could save you from making an expensive mistake.

Getting expert advice from 'whole of market' brokers Deal Direct can save you time and money because we source the best deals whilst checking all the relevant factors.

A large group of lenders raised their standard variable rates at the beginning of May so many home owners are looking for the advantages of remortgaging. To secure the best deal you may have to act quickly and if you are not familiar with all the issues it is easy to miss important details.

It is essential to compare all the fees and terms as well as interest rates to assess the true repayment costs when looking for the best remortgage deals. Recent reports have suggested that over the last 3 years fees have risen by over £300 to an average of more than £1,500.

If you simply look at interest rates you may pay more in the long run if the fees for the product are high. However some lenders are beginning to reduce fees on certain products. For example Nationwide has recently reduced their fees for 5yr fixed rate products to £549 for remortgages.

There are many offers from different lenders in today’s competitive market, so to get the best remortgage deals, ask Deal Direct for advice. We are constantly checking the market for the most up to date information and can secure you a great deal.