Remortgages

This report has been compiled by Ray Boulger, John Charcol’s respected senior technical manager.

“In terms of remortgaging, borrowers with at least 25% equity should be considering a remortgage or product transfer if they are on an SVR in excess of 3%. Anyone with one of the many lenders charging an SVR of between 4.5% and 6% may well find it worthwhile remortgaging, even with only 15% equity, although their options will be very limited if they want an interest only mortgage or have even a minor amount of adverse credit.”

To view the full report: http://www.myintroducer.com/view.asp?ID=6034

My Comment

There are lots of really good products available especially for fixed rate mortgages.  Now is a good time to review and see if there are good alternative products.  A recent remortgage client had to pay a £4,127 penalt to get out of a 5 year fixed rate. Over 2 years however, he will  save £5,688 because his monthly payments reduced by £237 pcm.