Remortgaging lets you switch to a new mortgage deal without moving house. You might remortgage when you want a better deal, to fix your rates, or when you want to take money out of your property for home improvements. You could either switch to a new lender, or get a better deal with your existing lender.

When you remortgage you'll be hoping to find better terms and lower rates. The amount you can borrow depends on your financial situation.

How to find remortgage deals

If you've already got a mortgage, but want to find better remortgage deals, use our remortgage comparison tables to find the most up-to-date deals.

The remortgage comparison tool includes every remortgage you can get in the UK, from all different lenders. So you can be sure the very best remortgage deals are included.

You might like to use our remortgage calculator to see how much you can borrow.

Can I remortgage through a broker?

You can use a broker to help you find the best remortgage rates if you wish to. But although the comparison table above does include all the remortgage deals, UK wide.

But using a broker can be a good option if you feel you need help with your remortgage. Perhaps you aren't sure how to remortgage, or you have a problem and need specialist support and remortgage advice. Maybe you have a small deposit, or are trying to remortgage with bad credit. Or perhaps you're doing a buy to let remortgage or shared ownership remortgage. In these cases, a broker could help choose a deal that suits your financial situation. They'll also support you with the remortgage process.

Read about how to choose what type of mortgage you need.

Why should I remortgage?

There are several reasons why you might want to remortgage.

You could save money by remortgaging. If your initial mortgage deal's ended, you'll automatically have been put on your lender's Standard Variable Rate (SVR). SVR rates are usually high, so it's worth looking for a remortgage deal as your remortgage rates are likely to be lower. Use a remortgage comparison tool like the one above to compare remortgage options and find the best remortgage rates, UK wide.

You can fix your costs for a few years when you remortgage. By choosing a fixed rate remortgage, your monthly payments will stay the same for however long you fix for. A fixed rate remortgage would be good for keeping a close eye on your spending, or if you're worried about interest rates going up. If your current mortgage has high interest rates, you might want to think about remortgaging and fixing your rates.

You can borrow more money. When you remortgage, you can borrow more money than when you first took out the mortgage. That means you can release some of the cash (equity) you have tied up in your property. If you remortgage, house renovations could take place, for example. If you compare remortgage rates with loan rates, you'll see that the interest rates on a mortgage are usually lower. That means it's a cost-effective way to borrow money.

You could shorten your mortgage term and own your property outright sooner. The most common mortgage term is 25 years, although maximum terms are getting longer and some are up to 40 years. By remortgaging to shorten the mortgage term, you can pay it off sooner. Overpaying your mortgage has the same effect, but not all mortgages let you do this and many charge you a fine for making overpayments. So remortgaging for a shorter term is a good option if you have spare cash and can make bigger monthly repayments. If you find the cheapest remortgage deal, your monthly payments could stay the same. But you'd still pay off your mortgage quicker because your new interest rate would be lower.

Because your property's value has increased. If your property's worth more now than when you bought it, you'll have a better loan to value (LTV) ratio. That means you might be able to access better remortgaging deals.

If your mortgage lender hasn't serviced you well. If you've had bad service from your mortgage provider, you might like to consider remortgaging. If so, you'll want to find one that has a reputation for delivering excellent customer service.

When you shouldn't remortgage

There are some circumstances when remortgaging isn't a good idea. In some situations, it could cost you more.

Be cautious of the following situations:

Paying a fee to leave your current mortgage early. Sometimes, if you want to remortgage part way through your mortgage deal, you'll have to pay an early repayment charge (ERC). ERCs are common on fixed-rate mortgages and can be as high as 5% of your mortgage. Sometimes you can be charged even if you remortgage with your existing lender. Make sure you read the small print or contact your mortgage lender to find out more.

The high costs of getting a new mortgage. When you're thinking of remortgaging, be aware of the remortgage fees. Remortgage costs can add up to around 2,000 and can include set-up fees, arrangement fees and/or booking fees.

If you've recently been rejected for a mortgage or any other debt product. Before you apply for another remortgage, check your credit file. If you've been rejected recently, there will be a reason. You'll need to find this reason before you apply for a remortgage. The more you apply and are rejected for a remortgage, UK wide, the worse the score your credit score will get. This'll make it harder for you to ever be accepted for another lending product. So you'll need to get your credit score up before applying again.

Factor in all the costs of remortgaging before you go ahead, to make sure it's the best decision for you. Get plenty of remortgage quotes and use our remortgage comparison table to find the best remortgage deals, UK wide.

Remortgage costs can be off-putting. But if the remortgage offers available to you are cheaper than your current mortgage, you'll save money on your monthly repayments.

Sometimes the best remortgage deals with no fees aren't the best deals overall. Read about how to make sure your new deal works out cheaper for you, even with the set-up costs.

How to get accepted for the best remortgage deals

When you're finding the best remortgage offer, make sure you're in the best financial shape you can be.

You'll need to pay attention to:

  • Your credit score. You'll need a good enough credit score for the lender to accept you. The cheapest remortgage rates are only available to people with an excellent credit rating. See how to check and improve your score.

  • How much equity you have in your property. The equity you have in your property is the percentage of it that you own. You could add on any savings you have to this, and give yourself a bigger deposit. This would mean you wouldn't have to borrow as much from the lender when you remortgage, so your LTV ratio would be lower. The best remortgage rates, UK wide are often reserved for LTVs under 75%. So, the remortgage rates on a 60% LTV will be better than they would on a 90% LTV mortgage. If you're remortgaging to borrow more money, your LTV might stay the same. To apply for a remortgage with a 60% LTV, you'll need to already have 40% equity or have enough in savings to equate to 40%.

  • Your relationship with the mortgage lender. Sometimes the cheapest remortgage deals are only available to a lender's existing customers.

What does the remortgage process involve?


It's usually faster to remortgage than it is to buy a new house. It's especially fast if you're just getting a new deal with the same lender, and not borrowing any more money.

But, if your deal's ending and you're remortgaging, make sure you leave yourself plenty of time to do it. If you don't have a new deal when your current one ends, you'll automatically go onto your lender's SVR and it's more expensive.

The process involves the following steps:

  • Use a remortgage calculator and compare remortgage deals using our table. Find the best remortgage deals and choose which is right for you. Look for the lowest remortgage interest rates and fees.

  • Assess whether you're eligible for your preferred remortgage deal.

  • Apply for your remortgage.

  • Await a mortgage offer.

  • Await notification of completion from your conveyancer.

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 there are any problems.

Q

Can I get a new 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 start making repayments to them instead.

Q

Where can I find a mortgage broker?

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.

Q

Do I have to get my house valued when I remortgage?

A

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.

About our mortgage comparison

Q

Who do we include in this comparison?

A

We include mortgages from every lender in the UK. They are all from lenders regulated by the Financial Conduct Authority (FCA). Here's 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.