You would be forgiven for thinking that your eyes are deceiving you when you see some of the cheapest remortgages out there today. The rates seem impossibly low, given the current Bank of England interest rates and economic climate not only in the UK but also around the world. With the credit crunch hitting, it seems impossible that lenders would offer low interest rates but that is not the case. With the market cloaked in doom and gloom, lenders do want to attract new customers and this is why you can get a great deal no matter where you live or what your income.
The cheapest remortgages start, of course, with the interest rate and the key is the lower the better. A low interest rate is considered cheap because you pay less back over the course of your mortgage loan. However, some only offer introductory rates before returning to their normal interest rates at a later date. As a result, the cheapest may be the ones that have a slightly higher interest rate, albeit lower than the average, and maintain that rate throughout the duration of your mortgage term. The former is a trick that lenders use to bring homeowners in, but the latter is the mark of a lender that wants to keep their customers well into the future.
You should also look closely at the cheapest remortgages for fees and charges because many have them hidden in the small print. Sometimes the fees do not add up to that much but other times they do so it is important to double check. As you can tell though, the cheapest initial rate is not always the best so be sure to investigate that little bit further.