When remortgaging many factors affect which deals are available to you.

If you are looking at remortgaging but have limited equity in your home, you may find that some deals are not available to you. At Deal Direct we can advise you how to get the best deals to suit your circumstances.

You may also have seen recent reports suggesting that new rules being introduced by the Financial Services Authority may restrict choices if you are trying to remortgage. As a result interim rules are being proposed, that could mean new rules may not apply to existing borrowers if certain requirements can be met.

If you are remortgaging and do not require any additional loan or need to increase the term of the mortgage or increase monthly payments the new rules of affordability may not apply. Of course criteria for specific products introduced by lenders will still be applicable.

Transitional rules may widen the range of deals available, for example if you have had an existing interest only loan for some time and have a good payment record. There has been a lot of press coverage recently using the term “mortgage prisoners” to suggest that borrowers with interest only mortgages cannot escape the rising standard variable rates by remortgaging. We at Deal Direct are doing all we can to help those affected source an alternative deal.

If your mortgage is now on your lender's standard variable rate, you are likely to be one of millions of borrowers who will soon see rates rise. Call our advisers at Deal Direct so that we can compare your current mortgage to the best new products in the market. We can source deals that suit your circumstances and save you money.