How to get the best remortgage possible

Remortgages have been hit by the same problems as mortgages generally; namely, an overall shortage of funds for lending and an increase in interest rates for those that are available. Indeed, the pressure on remortgages has been even keener because of the number of people coming to the end of fixed rate mortgages and looking for an alternative deal.

Nevertheless, it may still possible to secure relatively good deals on remortgages, and fixed rate remortgages are still probably among the cheapest. To increase your chances of getting the best remortgage possible, keep the following in mind:

• Prepare early, but move fast when you see an attractive offer - if you are nearing the end of a fixed-rate term, early preparation will allow you to arrange an attractive remortgage before you are forced to fall back on your current lender's (normally relatively expensive) standard variable rate. Since many offers have a short shelf-life in the current market conditions, be prepared to take up an attractive deal quickly when you do see it;
• Lenders can afford to be choosy and will favour applications from those with a sizeable deposit to set against the remortgage funds sought;
• Lenders will also favour those with good credit ratings, so before you apply, check your credit reference file for errors and make sure you are on the electoral roll.