Could a discounted remortgage save you more than a fixed rate?
A fixed rate remortgage is still the most popular option among borrowers when it comes to refinancing their home. However, if you are looking to save money on your repayments, could a discounted variable rate remortgage stand you in better stead?
The discount on a variable rate remortgage is offered for a limited period of time, normally 1, 2 or 3 years, after which the rate reverts to the lender’s standard.
However, some discounted rates offer an excellent proposition and, as the forecast despite the uncertainty is for small increments in the key base rate, the discounts offered could prove to be extremely beneficial.
For instance, Leeds Building Society currently has a range of discounted products for 2 years starting at 0.99%. The range is for residential purchase or remortgage only. The difference, when compared to other ranges, is that at the end of the initial 2 year term, 1% discount will be applied for a further 3 years, making the discount tiered over a total of 5 years.
How would you know if this type of lending is right for you?
The only way to find out is to compare all your available options to work out which one matches your priorities at the same time as offering the best value. But, with literally thousands of remortgage options to choose from, the task is a complex one. Seeking expert help from Deal Direct can greatly simplify the process.
We’ll review your situation fully and, as we are independent, that means we’re impartial. Not only do we offer unbiased advice, but we’re regulated by the FCA too and will only recommend options that are in your best interests.