You can choose a new mortgage by:
Using this comparison, which includes every remortgage you can get in the UK
Using a broker, who can help you pick a deal that suits your circumstances
Why get a remortgage?
Remortgaging lets you switch to a new mortgage deal without moving house, which can let you:
Save money or pay off your mortgage quicker by getting a deal that costs you less
Borrow additional money for home improvements or other costs
Change to a different type of mortgage, like a fixed rate that guarantees your repayments will stay the same
Which remortgage should you get?
You can choose from most types of mortgage when you switch to a new deal. Here is how to choose what type of mortgage is best for you when you compare them.
Check that switching can save you money and find a mortgage that will accept you:
Make sure you will save money
Remortgaging can come with fees for:
Paying off your old mortgage
Taking out a new mortgage
Work out the total amount you will pay in fees and check that this is less than the amount you will save by switching mortgages. Here is how to make sure your new deal will work out cheaper if it has a lower than average interest rate.
Make sure you will be accepted
Some remortgages are only available if:
You have a good enough credit record for the lender to accept you.
You already have a mortgage or another financial product with the lender.
You own enough of your property to match the loan to value (LTV). For example, if a mortgage has an LTV of 60%, you will need to already own at least 40% of the property's value.
Check the terms and conditions before you apply and work out if you will be accepted for a remortgage.
How long does it take to remortgage?
Remortgaging takes about four to eight weeks but can take longer if your application is rejected or any problems cause a delay.
Can I get a mortgage with a different lender?
Yes, you can switch to a deal with a new lender. They pay off your old mortgage and you can start making repayments to them instead.
Where can I find a broker?
Can I apply for a remortgage in advance?
Yes, you can get a mortgage offer from a lender before you need it. Some mortgage in principle offers can last for several months.
Can I borrow more with a remortgage?
Yes, some remortgages let you borrow more than what you owe on your property. You can use the extra money for specific purposes like renovations.
Do I have to get my house valued when I remortgage?
Yes, lenders usually want to value your home before they offer you a new deal, especially when you switch to them from another mortgage company.