Lenders are offering some of the best deals in many months, if not years, on remortgages.  Swap rates, the rates lenders charge one another for borrowing, have declined offering better rates for borrowers.  This is just another decline in rates from what was already low remortgage offerings due to the long standing and historically low standard base interest rate set by the Bank of England.  For over two years now the standard base interest rate has sat at 0.5 per cent, a level not seen since World War II.

Lenders are putting out their best efforts to bring in homeowners and that means low rates, incentives to remortgage, and higher loan to value levels.  Without these offers, homeowners would be likely to stay home.  Without great deals and without the threat of an interest rate increase there would be little reason to switch.  For those homeowners that have waited they will have provided themselves with the possibility of a cheap remortgage.

Recently, Santander joined the ranks of lenders pulling out the red carpet for homeowners with their new competitive three year fixed rate remortgage at 75 per cent loan to value (LTV).  This deal is available to home buyers as well.  The low 4.15 per cent rate comes with no fee, which makes it even more attractive to homeowners.  Added incentives with Santander’s remortgage offer are free valuation and either free legal work or a £250 cash-back on completion.  Experts have been warning homeowners to take into consideration the whole remortgage package and look beyond the interest rate offered and be wary of fees associated with the deal.  Santander has an offering that will likely be picked up by many homeowners with no fee, good incentives, and a very good interest rate level for a fixed rate remortgage.