As some one looking to remortgage your property you are aware of the main processes and steps required as you have already been through them to buy your first home. You will have a record of making mortgage repayments, and as such lenders are more than likely to offer you a better deal than they would a first time buyer.

If it has been a number of years since you took out your first mortgage and you cannot remember the processes involved then have a look at the 'Mortgages' page.

On this page we are going to look at the different types of remortgages you can expect to be offered by lenders today. Contact us for advice concerning the best product to suit your circumstances, needs, wants and requirements.

Variable Rate
As the name suggests, during the course of the loan the interest rate can go up or down. There may be spells of several months when the interest rate remains constant, or the rate can change many times over a course of months. The interest rate charged by the mortgage lender is largely determined by the Bank Of England Base Rate, so when the Bank of England announces a Base Rate change, variable remortgage rates usually follow the movement (up or down). Lenders will often offer incentives to borrowers for taking out a variable rate loan. The current Bank of England Base Rate is 5%.

Discounts
With these you pay a set amount under the lender's usual variable rate for a set period of time. The shorter the discount period, the higher the discount will be. For example the 2 year discount rate may be 1 % while the 1 year discount rate is 2 %.

• Cashback - Lenders may offer a sum of money towards the cost of legal fees or survey charges.

• Subsidies for Fees - Lenders may offer a sum of money towards the cost of legal fees or survey charges.

Base Rate Trackers
If you want to make absolutely sure that your remortgage follows the behaviour of the Bank Of England Base Rate, then you can take out a tracker mortgage, which will always follow the Bank Of England Base Rate. There are however a few variations :

• Lifetime Tracker - will track the Bank Of England Base Rate for the entire life of the mortgage.

• Fixed Period Tracker - runs for a set period at an agreed margin above or below the Bank Of England Base Rate and then moves to the lender's standard variable rate.

• There are also trackers where the lender makes a commitment that the difference between the Bank Of England Base Rate and the mortgage pay rate will not exceed a certain level.

Fixed Rate
A fixed rate remortgage sets the interest rate you will pay for a specified period. This will guarantee the amount that you pay for each month for the agreed period of time. Once the fixed time period is at an end, your repayments will be at the lender's standard variable rate.

Capped Rate
A capped rate remortgage puts a maximum limit on the payable rate that you have to pay. An example is the best way to explain. Say you have a capped rate mortgage at 6 %. If the interest rate increased to 7 %, the interest that you would pay would be 6 %. If interest rates fell to 3 % then the interest you would pay would be 3 %.