There’s been a flurry of activity in recent weeks with a number of new deals launched with particular focus on remortgages. A number of lenders have sharpened their rates and in some cases like ING, Woolwich and NatWest launched products that are only available for remortgages.
For example the Woolwich “Great Escape” deal is a lifetime tracker mortgage that comes with an enviable package of no arrangement fee, free valuation, free legal work and a £300 cashback, as the cherry on top. ING Direct and Natwest have both launched keenly priced 5 year fixed rates that come with free valuation and free legal work for remortgages.
Admittedly these deals are not going to be available to everyone as many are aimed at those with large amounts of equity. NatWest for example has a deal that is only available for remortgages up to 50% of the property value.
There are now more mortgage options opening up for borrowers and increased competition will, in turn, lead to a greater opportunity to make savings on the mortgage. As the biggest single commitment it makes sense to keep the mortgage under review especially in such a fast paced market.
To see whether you could get a better rate and save money on your mortgage, try our 1 Minute Mortgage Check and find the latest mortgage deals on offer.