New remortgage deals are coming out just in time for the holidays. Remortgage lenders have been competitive for borrowers as demand has remained low.  According to reports, Monday will have them becoming even more competitive when HSBC will launch a five year fixed rate mortgage at 2.48% with a 40% deposit and a £999 upfront fee.  This is the lowest ever five year fixed rate deal ever for the lender.  They also have an available 0.99% for customers with a 40% deposit which is a 2.95% discount from their 3.94% standard variable rate (SVR) with a two year term and the booking fee on Monday will reduce to £1,499.

This past Thursday, Santander announced their lowest two year fixed remortgage deal. With 40% equity, and a £995 fee, a homeowner can obtain a 1.84% interest rate. 

Barclays is offering their own low interest rate deal with a 30% deposit and a fee of £999 for a five year fixed rate remortgage available at 2.79%.

These latest deals are just a few of the many that have been offered for homeowners since the end of summer.  Demand has remained low for remortgage deals despite the threat of looming hikes next year to the standard base rate by the Bank of England. This has led to the competitive environment of lenders. One thing is for sure, these deals are not due to stick around for long according to experts. For those that are interested in a low interest rate deal, shopping around soon for a deal is encouraged. 

Remortgages take more time processing than they used to due to new guidelines set for lenders to ensure that borrowers can afford the loan.  Therefore, time must be considered to allow the borrower to both find the best deal and then complete the remortgaging process.