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As with a standard mortgage, you can get discounted, fixed and tracker offset mortgages.
You’ll need to work out the best type of mortgage for you, what you can afford and what risk you’re willing to take with your finances in order to get a better deal.
So in some cases, a credit card will be better at handling your debt than a remortgage deal.
Once you’ve figured out what you need your remortgage deal for, be it debt consolidation or saving money, then it’s time to decide what type of remortgage you need.
The mortgage type you choose will affect how well the remortgage deal works in your favour.
Tracker mortgage: Unlike a fixed rate mortgage, a tracker mortgage will set your remortgage deal interest rate a percentage above the Bank of England’s base rate or above the lender’s standard variable rate.
This means that if the Bank of England’s base rate goes up or down, then this will affect the rate you pay.