Lenders step up the hunt for remortgage business

by Aaron Strutt

Oct 30 2010

Trinity Financial Group have access to a fantastically low two-year tracker rate at 1.99%. It has a free property valuation and remortgage service. The arrangment fee is £999.  To see if you qualify call us on 020 7520 9427.

Woolwich have introduced "The Great Escape" remortgage package aimed at borrowers on higher standard variable rates (SVR). Woolwich estimate that there are currently 700,000 homeowners on an SVR and that many of them are paying more than they need to.

The term tracker mortgage that they are offering is very competitively priced at 2.68% and the maximum loan to value is 70%. Woolwich pay for the property valuation and the standard legal fees involved with remortgaging, they will also pay £300 to cover any exit fees. There is no arrangement fee.

Woolwich are not the only lender keen on taking more remortgage business. NatWest have introduced some very low fixed rates for borrowers with large amounts of equity in their property.  They now offer a two-year fixed rate at 2.75% and a five-year fix at 3.75%. The two-year fix has £250 cash back and no arrangement fee. The five-year fix has a £699 fee. Both mortgages have a maximum ltv of 50% and come with a free property valuation and legals service when remortgaging.

Aaron Strutt, a broker at Trinity Financial Group, says: "You know lenders are keen to attract business when they start offering you money to remortgage to them. The Woolwich tracker rate is very competitive. The main benefit is that customers can switch in to a fixed rate at any time and that there are no fees to remortgage to them . The NatWest rates are great but they do require a lot of equity in the property to qualify."

October 30, 2010