Are remortgage rates higher than mortgage rates?

Remortgaging to get a better interest rate When you take out a new mortgage, you normally get an introductory deal. Once the deal ends, you’ll probably be moved onto your lender’s standard variable rate, which will usually be higher than other rates you might be able to get elsewhere.

What is a discounted rate mortgage?

A discount mortgage is a type of variable rate mortgage where the lender offers you a discount on its standard variable rate for a fixed period of time, typically a couple of years. Once you come to the end of that period, you start paying the more costly SVR, unless you remortgage onto a better deal.

Can you remortgage during a fixed rate?

So, can you remortgage during a fixed term? Yes, you can. You might have to pay Early Repayment Charges (ERCs) and exit fees to do it, but there’s little stopping you from leaving a fixed-rate mortgage deal before the end of the agreed term. There’s nothing legally stopping you leaving a fixed term before it ends.

Can I remortgage with the same lender?

It is possible to remortgage with your current lender, although this is usually referred to as a ‘product transfer’. The advantages of remortgaging with the same lender are: There are generally less fees to pay as you are able to avoid legal costs and valuation fees.

What does 2 year discounted mortgage mean?

A discount mortgage is a home loan where the interest rate is pegged at a set amount below the lender’s standard variable rate (SVR) for either a set period (e.g. two or five years) or for your whole mortgage.

What is a discount interest rate?

The discount rate is the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank’s lending facility—the discount window.

How long before my fixed rate ends can I remortgage?

Typically you can remortgage to a new deal six months after taking out your current mortgage, meaning you will not be able to release equity for at least six months. If you wait for longer than half a year you will have a better choice of remortgage with variable or fixed rate deals and equity options.

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