To arrange a remortgage you generally have two options – you can speak directly to your lender or you can visit a whole-of-market mortgage broker who can help you find a new deal.

 
If you choose to stay with your current lender an adviser will inform you of the lender’s current remortgage range and advise you of the best choice for you.
If you decide to speak to a broker he or she will be able to show you a range of remortgages from across the industry.

Often speaking with a mortgage broker results in a better deal as, while the lender’s adviser will only be able offer you one of remortgages in its range, a whole of market broker can offer you more choice. The lender’s range may not include the best deal for you whereas the broker can source this from different lenders.

Borrowers should beware that they may not be able to get the same deal on their remortgage as they did with their initial mortgage.
At lot of this depends on the economic climate as many borrowers have found recently that remortgage deals are not as good as they once were. Instead borrowers are opting to revert to their lenders Standard Variable Rate. Luckily for them, since the Bank of England interest rate is currently so low- the lowest it has been since records began – most lenders Standard Variable Rates are relatively low.

Standard Variable Rates or SVRs as they are known are set at a certain percentage above Bank of England base rate.