Choosing the best fixed rate mortgage deals and remortgage deals

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What constitutes best fixed rate mortgage deals?

If you are intending to buy a home, you will probably be researching all the options available to you - but what can be considered the best fixed rate mortgage deals?

This will largely depend on your financial situation. Fixed rate mortgages allow you to pay the same amount of interest over a certain period of years, which will be specified when you decide to go ahead. Best fixed rate mortgage deals can span different periods, from two to ten years. It is best to consult an expert when choosing the best fixed rate mortgage deals to ensure you opt for the plan that best suits your individual situation and needs.

What advantages will the best fixed rate mortgage deals offer?

With fixed rate mortgages, you will find that in the first few years you can often benefit from lower interest rates, while you will also be shielded from any increases to the Bank of England's base rate.

Searching for the best fixed rate mortgage deals can also mean you find budgeting for the cost of your home easier, as you will know exactly how much you will be paying each month. This could then help you to plan the rest of your finances in turn. (For further information on planning your finances towards the end of your career, please see our information on the use of a pensions calculator and retirement calculator.)

Those considering the best fixed rate mortgage deals should be mindful that this type of mortgage comes with early redemption penalties, meaning you will incur costs should you wish to terminate your fixed rate mortgage agreement early. In some best fixed rate mortgage deals, this can also extend past the fixed rate mortgage period.

What are remortgage deals?

After searching for the best fixed rate mortgage deals and spending some happy years in your home, you may want to look into remortgage deals.

These involve changing your mortgage while remaining in your existing home, be that by switching your lender or staying with the same provider but changing your mortgage plan.

There are many reasons to consider remortgage deals, not least of which is to take advantage of the constant competition within the mortgage market. By opting for remortgage deals, you will often find you benefit from more competitive prices - and therefore save money.

The benefits of remortgage deals

Remortgage deals can benefit you in several ways, whether you are simply looking for the latest best arrangements, or if there is something in particular you would like some extra money for.

Suitable for a range of situations, you will find remortgage deals can help you to finance business loans or to help raise funds for home improvement work. Remortgage deals can even be used to consolidate debt, which is especially useful if you cannot raise funds elsewhere.

Moreover, there is also no stamp duty to pay on remortgage deals.

Other points to consider when looking at remortgage deals include the valuation and arrangement fees, as well as various other costs that can be incurred during the process. It is important to speak to a professional to ensure you are selecting the right option for your financial situation.

Meanwhile, organisations such as the Financial Services Authority offer free and impartial details on the various plans, such as fixed rate mortgages or remortgage deals, available.

Brits 'failing to grasp the importance of an interest in mortgages'

Tue 28th Feb 2012

Many Brits fail to grasp the importance of a proper understanding of the mortgage market.

BBA highlights mortgage lending growth

Thu 23rd Feb 2012

Mortgage lending volumes improved above the finance market average in 2011.

Are interest-free mortgages a bad idea?

Mon 20th Feb 2012

Interest-free mortgages are not always the best option for borrowers or lenders.

Buy-to-let mortgages are 'more profitable'

Mon 20th Feb 2012

Many lenders now feel the buy-to-let mortgage sector is more profitable.

House price performance to impact lenders' criteria

Wed 15th Feb 2012

Prices will play a large part in determining lending criteria this year.

More Brits 'to choose long-term mortgages'

Tue 14th Feb 2012

More people are expected to invest in long-term mortgages in the future.

Offset mortgages 'are the future'

Mon 13th Feb 2012

Brits advised on the benefits of offset mortgages.

UK house prices 'set to fall'

Fri 10th Feb 2012

House values are predicted to fall in the UK this year.

Hybrid mortgages 'are a good deal' for FTBs

Tue 7th Feb 2012

FTBs should consider a hybrid mortgage.

UK public expects house price increase

Mon 6th Feb 2012

Many people believe prices will improve in the property sector.

Many mortgage holders 'are saving'

Mon 30th Jan 2012

Many mortgage borrowers are failing to pay down their borrowing with excess cash.

People 'are increasingly attracted' to long-term mortgages

Fri 27th Jan 2012

More people are interested in taking out long-term mortgages.

New ten-year fixed rate deal from N&P

Thu 26th Jan 2012

N&P has announced a new ten-year fixed rate deal at 3.99 percent.

Repossession numbers 'set to increase'

Mon 23rd Jan 2012

More repossessions are predicted to take place in 2012 than was the case last year.

Mortgage rule amendment for high earners 'could be beneficial'

Tue 10th Jan 2012

High earners may be exempt in the future from the standard rules regarding mortgage borrowing.

Payday loans 'should not pay the rent'

Thu 5th Jan 2012

Long-term borrowings should never be serviced through the use of payday loans.

Saving 'is important' for FTBs

Tue 3rd Jan 2012

Saving is extremely important for FTBs in the present financial climate.

Leeds Building Society announces new fixed-rate mortgage deal

Thu 29th Dec 2011

A revamped three-year fixed-rate mortgage will be available for Leeds Building Society in 2012.

Halifax reveals affordability boost for first-time buyers

Wed 28th Dec 2011

Affordability has improved for first-time buyers but many are still struggling to enter the property market, according to new research.

HSBC announces January mortgage deals

Fri 23rd Dec 2011

HSBC is offering no-fee tracker mortgages in January.

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