3 Tips When Negotiating a Fixed Rate Remortgage

Getting a new fixed rate remortgage loan can potentially help you in a number of ways. Whether you want to consolidate debt, take cash out of your home, or simply take advantage of good interest rates, getting a remortgage can be very beneficial. During the process of getting a remortgage, the lender may not want you to know that the interest rate is negotiable; however, you can often negotiate a better rate with them. Here are a few tips when negotiating a remortgage rate.

1. Get Multiple Quotes

The first thing that you will want to do is get multiple quotes on the loan that you are applying for. Different lenders offer different rates. Therefore, if you want to get the best deal from one lender, you can use an estimate from another lender to keep them honest. 

2. Be Persistent

If you are persistent in your requests for a better interest rate, they will be much more likely to give in to you. If you only casually mention the desire for a better rate, they may ignore it.

3. Be Silent after a Counteroffer   

When you make a counteroffer during a negotiation, do not speak until the lender answers. Many people talk themselves out of a better deal after making an offer. Wait until they respond in order to avoid accidentally conceding to terms that are undesirable to you. 

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