If your current mortgage deal is about to come to an end, it’s important to start shopping around for a new offer before you get transferred onto your lender’s standard variable rate (SVR). Although you may find that the best new deal is with your existing lender, it’s worth getting an adviser to carry out a sweep of the whole market for you, so you can be sure that you end up with the very best value.
| Lender | Initial Rate | Initial Payment | Type | Initial Period (months) | Total Fees | 3 Year Total Cost | Early Redemption Period | Subsequent Rate | Subsequent Payment | APR |
|---|---|---|---|---|---|---|---|---|---|---|
 HSBC Bank
|
2.49% | £672.17 | TRACKER | 0 | £30 | £24,228 | 0m | 2.49% | £672.17 | 2.5% |
 Co-operative Bank
|
2.59% | £679.74 | TRACKER | 0 | £30 | £24,501 | 38m | 2.59% | £679.74 | 2.6% |
 Britannia
|
2.59% | £679.74 | TRACKER | 0 | £30 | £24,501 | 38m | 2.59% | £679.74 | 2.6% |
 Market Harborough
|
2.65% | £684.31 | VARIABLE | 36 | £270 | £24,902 | 24m | 5.49% | £893.57 | 4.9% |
 First Direct
|
2.88% | £701.99 | TRACKER | 37 | £30 | £25,301 | 37m | 3.69% | £759.19 | 3.5% |
This table is based on a property value of £250,000 and a mortgage of £150,000. This is calculated on a capital repayment basis over 25 years.
These best mortgage rates are an indication of the mortgage deals in the market, but are not necessarily the right mortgage for you. With access to a range of products exclusively available to mortgage brokers, we recommend you call one of our impartial advisers who can help find the right mortgage for you.
Remortgaging advice
There are four main reasons why you might choose to remortgage:
- You’ve come to the end of an existing deal and don’t want to revert onto your lender’s Standard Variable Rate (SVR) because it’s more expensive.
- You are already paying your lender’s SVR and want to switch to a different deal which is cheaper.
- You want to switch to a more flexible mortgage, such as an offset, to benefit from its features or alter your payment patterns.
- You want to release equity in your property if its value has gone up.
It might be that you are not in a position to remortgage as you would incur Early Redemption Charges (ERCs) to leave your current deal. However, in some cases ERCs might be worth paying if your mortgage rate is very expensive, the ERCs are low or the new mortgage is very cheap.
To weigh up your options and to explore the wealth of different mortgages available call a Which? Mortgage Adviser on 0117 981 7999. Alternatively, use our Call Back Request service.