Lenders are still in a very competitive mode and that is good news for homeowners looking to remortgage and for hopeful home buyers.  When offers of interest rates from lenders neared 3.0% last year it was deemed as a cheap opportunity to borrow and lenders continue to break through the low interest rate thresholds.  Next week HSBC will be cutting their five year fixed rate deal to 2.49% for those with equity or deposits of more than 40%.  The low rate comes with a fee of £1,999.

While this deal is reserved for those with a significant deposit or equity level there are still other deals available that are very attractive and some with lower fees.  It is because of the fact that many low interest deals come with fees that borrowers should consider offers very carefully.  The deal that is the best for a borrower’s needs may not be the one that carries the lowest interest rate.

Taking into consideration an entire remortgage or mortgage deal with all expenses included with the interest rate savings of one deal over another, a borrower can best determine the deal that will offer them the best savings.

Shopping around is suggested by experts.  Loyalty to a lender may not be in the best interest of the borrower.  There are many deals available with research showing there is more than a 50% increase of mortgage products available on the market than there were this time last year.  For those considering buying a home or remortgaging it is a great time to shop around and find a great mortgage or remortgage deal.