Why get a remortgage quote? The answer is likely to take you back to the reason for your interest in a remortgage in the first place – namely to switch to a different type of mortgage, more suitable to your current circumstances, or in order to secure a more competitive rate of interest (and thus lower your monthly repayments), for instance.

Comparing remortgages

Whatever the reasons for your interest, you have probably already found a number of websites which offer easy to use and clearly laid out comparisons. These allow you to compare the different types of mortgage that are available and frequently include a remortgage guide to help explain the differences between various forms of remortgage (the guides also typically set out the step by step process you might need to follow in order to secure a remortgage).

Remortgage repayment calculators

A tool you are also likely to use is a remortgage repayments calculator, which very simply and quickly calculates the estimated cost of your monthly repayments, given the amount you wish to borrow, the duration of the loan and the interest rate quoted by lenders in which you might be interested.

When using such calculators, however, you might want to bear in mind that they are intended simply to give you an idea of what your repayments might be, given the variable you have input.

Interest rates change all of the time, of course, and sometimes very rapidly. No calculator therefore guarantees the cost of repayments either at the beginning, or over the whole lifetime, of the home loan (particularly since many remortgages are offered with attractively discounted introductory rates which expire after a given period).

As any good remortgage guide is also likely to advise you, your calculations on the cost-benefit of remortgaging also need to take into account any early redemption fee or charge by your present mortgage lender for terminating the loan before its maturity.

A remortgage quote

To get a much clearer picture of the remortgage products available, their relative competitiveness, and the monthly repayments you are likely to pay, more than one remortgage quote is desirable. In order to request a quote, you typically need to provide basic personal details, so that a remortgage advisor is able to call you back to discuss your requirements more fully.

Such advisors typically maintain close working relationships with major independent remortgage brokers so that the whole of the market is compared on your behalf and the most suitable and competitively priced remortgages identified.

When requesting a remortgage you might want to make sure that it is:

free (typically quotes are); and

given without any obligation to proceed any further (to an actual application, for example).

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