Remortgages – The Mortgage ‘Shuffle’

Remortgages are increasingly sought after as more homeowners are struggling to stay financially afloat. Remortgages are an opportunity to reduce monthly outgoings, find a more competitive rate and salvage your finances. But finding a remortgage is trickier than ever as more banks tighten their lending criteria and safeguard their profits from the difficult economic times ahead.

Remortgages in Demand

The mortgage ‘shuffle’ is a term coined by the BBC to refer to lenders who have been reshuffling their mortgage and remortgage packs every other day in response to the credit crunch. As the BBC reports on lenders, “They are now dealing from a much smaller deck. There was a 20% fall in the number of mortgage offers available in just one week.” As a result finding remortgages at a competitive or advantageous rate is tricky – more homeowners are turning to expert mortgage advisors to help. So, what remortgages are on offer now?

Remortgages: Shopping Around

Some of the big banks, lenders and building societies have pulled mortgage and remortgage packages and put up their prices. They say they’ve been swamped with requests for more competitive remortgages. But lenders are keen not to overstretch themselves. If you’re not happy with the remortgage hand you’ve been dealt, turning to a dedicated mortgage broker could help.

Act fast – Remortgage before it’s too late

If you’re looking for remortgages it’s crucial that you act now. Figures show that over a million homeowners are coming to the end of their fixed rate deals in 2008, so you need to act quickly before everyone else starts looking for competitive remortgages. If you’re looking for remortgages, here are some basic things to keep in mind:

• The average fixed rate deal is currently 6.34%
• The average variable rate is currently 7.49%
• Base rates are falling but banks are raising rates to cover their risks during the credit crunch
• For remortgages, a mortgage broker can help find a good deal, however according to the BBC there are just 4,670 home loans available now compared with 15,599 in July.

A good mortgage broker will help you find remortgages; make sure you act swiftly – don’t wait for your mortgage payments to rise and risk financial difficulties.

Speak To Homebank About Remortgages

If you are thinking about mortgages, remortgages or debt consolidation, let the experts save you time and money by finding the right loan for you. Homebank have qualified mortgage consultants ready to advise you with all your debt consolidation, mortgage and insurance needs. For informative, insightful advice on debt consolidation, call us to arrange a no-obligation appointment to suit you. Homebank are the “people’s mortgage broker”, with thousands of products to choose from, including some that are not readily available on the High Street. Homebank’s experienced consultants could find the ideal debt consolidation product for you. Call Homebank free now on 0800 052 3604