This type of residential remortgage offers a fixed interest rate for a specified period, typically ranging from 2 to 10 years. This provides stability in monthly payments, regardless of fluctuations in the broader interest rate market.
With a variable rate remortgage, the interest rate is subject to change according to fluctuations in the base rate set by the central bank. This type of rate can offer initial lower rates but comes with the potential for higher payments if interest rates rise.
A tracker rate follows the movements of a specified financial index, often the central bank's base rate. The interest rate on your mortgage is a certain percentage above this index. As the index changes, your rate and payments will adjust accordingly.
A capped rate remortgage provides an upper limit or "cap" on how high your interest rate can go during a specified period. This offers some protection against significant rate hikes while still allowing for potential rate decreases.
An offset remortgage links your mortgage to your savings or current account. The balance in these accounts is subtracted from your outstanding mortgage balance when calculating interest. This can result in lower interest payments and a quicker repayment period.
Some lenders offer cash incentives when you remortgage with them. This can help cover fees associated with the remortgage process, such as legal and valuation costs.
Flexible remortgage rates offer features such as overpayments, underpayments, payment holidays, and the ability to make lump-sum payments. These features provide greater control over your mortgage and can help you manage unexpected financial changes.
The SVR remortgage is the lender's default rate. Once any initial fixed or discounted period ends, your mortgage will revert to this rate. It's important to note that SVR rates can be higher than other available options.
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