You could look for the lowest interest rate, but this may not be the best interest only remortgage deal for your needs. Before you start comparing deals, consider:

  • Whether you want a fixed or variable rate

  • How much you need to borrow

  • How much you could get charged for the mortgage you want

  • How long you want the rate to last for

  • How long your mortgage term will need to be

  • What charges you might face for remortgaging again

This will help you narrow down your comparison for an interest only remortgage, and improve your chances of finding the best deal.

If you want to remortgage, you will need to provide the new lender with proof of how you'll repay the mortgage at the end of the term.

When you've chosen a new deal

Apply for the remortgage deal you have found, whether that is online, on the phone or face to face in a branch.

If your application gets accepted, you need a solicitor to arrange the legal transfer of your interest only mortgage to the new lender. Some lender's help arrange this for you.

You will also need to get your property valued, so give yourself enough time before the end of your current mortgage deal to get everything sorted.

Consider the long term

Remortgaging your interest only mortgage is an opportunity to review how you plan to repay the capital at the end of the term.

If you no longer have a way of repaying the mortgage, you should consider switching to a repayment mortgage instead.

Interest only remortgage FAQs

Q

How long does it take to remortgage?

A

Remortgaging takes about four to eight weeks but can take longer if your application is rejected or any problems cause a delay.

Q

Can I get a mortgage with a different lender?

A

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.

Q

Can I apply for a remortgage in advance?

A

Yes, you can get a mortgage offer from a lender before you need it. Some mortgage in principle offers can last for several months.

Q

Can I borrow more with a remortgage?

A

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.

About our mortgage comparison

Q

Who do we include in this comparison?

A

We include every mortgage in the UK you can apply for directly from the lender. They are all from lenders regulated by the Financial Conduct Authority.

Here is more information about how our website works.

Q

How do we make money from our comparison?

A

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.

You do not pay any extra and the deal you get is not affected.