Remortgaging lets you switch to a new mortgage deal without moving house.
If you already have a mortgage but you're looking for a better remortgage deal, use our comparison tables to see the most up to date deals.

You can see what's on offer from different lenders because this comparison tool includes every remortgage you can get in the UK.

You can also use a broker to find the best remortgage deal. This might be an option if you feel you need specialist help with your remortgage. For example, if you have a small deposit or a have had credit problems in the past. A mortgage broker can help you pick a deal that best suits your financial situation.

Explore how to choose what type of mortgage is best for you.

Why you should remortgage

There are a number of reasons why it might be right for you to remortgage:

  • You could save a lot of money by remortgaging. If your initial mortgage deal has ended, you'll be on your lender's Standard Variable Rate (SVR). SVR rates are relatively high, so it's worth looking for a new mortgage deal. Use a comparison tool like the one above to find the best remortgage deal for you.

  • You can fix your costs for a few years when you remortgage. By remortgaging to a fixed rate deal, your monthly payments will remain the same for that amount of time. Fixed rate mortgages are good if you want to keep a close eye on your spending or if you're worried interest rates will go up.

  • You can borrow more money and put it towards improving your home. You do not need to remortgage for the same amount as when you first took out the mortgage. You can remortgage for a greater amount and use the extra money for whatever you want. It's common to use the extra money from the remortgage to improve the property. The interest rates on a mortgage will most likely be lower than they would be on a loan, so it's cost-effective.

  • You could own your property outright sooner by shortening your mortgage term. The most common mortgage term is 25 years, although maximum terms are getting longer, some up to 40 years. Remortgaging to shorten the mortgage term means that you can pay it off sooner. Overpaying your mortgage has the same effect, but not all mortgages let you do this and most charge you a fine. It's a good option if you have spare cash and can make bigger monthly repayments. A cheaper remortgage deal might mean your monthly payments stay the same but you can pay it off quicker because your new interest rate is lower.

When you should not remortgage

There are some circumstances when remortgaging is not a good idea and could cost you extra. These include:

  • Paying a fee to leave your current mortgage early. If you want to remortgage part way through your mortgage deal, you'll most likely have to pay an early repayment charge (ERC). Early repayment charges are most common on fixed rate mortgages and can be as high as 5% of your mortgage loan. You can be charged even if you remortgage with your existing lender. Read the small print of your deal or contact your mortgage lender to find out more.

  • The high costs of getting a new mortgage. When considering remortgaging, pay attention to the fees attached to the new mortgage. These can be set-up fees, arrangement fees and/or booking fees an can cost up to around 2,000.

  • If you've recently been rejected for a mortgage or any other debt product. Before you apply for another remortgage, check your credit file. There will be a reason you were rejected and you need to find it before you apply for a remortgage. The more you apply and are rejected, the worse the score your score will be. And the worse your score is, the harder you'll find it to ever be accepted for another debt product, whether it's a mortgage, loan or credit card. You need to wait and get your credit score up before you apply again.

Factor in all the costs of remortgaging before you do it to be sure it's the best decision for you. Fees on a new mortgage may be off-putting, but if it's a cheaper deal than your current mortgage, you'll save money on your monthly repayments.

Explore how to make sure your new deal works out cheaper for you even with the set up costs.

How to make sure you're accepted for a remortgage

When you're looking to find the best remortgage deal, make sure you're in the best financial shape. You'll need to pay attention to:

  • Your credit score. You need to have a good enough credit score for the lender to accept you. Some of the best deals are only available to people with an excellent credit rating. See how to check and improve your score.

  • How much equity you now have in your property. Your equity in your property is the percentage of it that you own. You could add on any savings you have to this which equates to a larger deposit. With a bigger deposit, you'll not have to borrow as much from the lender when you remortgage, so your loan-to-value (LTV) ratio is lower. The best interest rates are often reserved for LTVs under 75%. So, the rates on a 60% LTV will be better than on a 90% LTV mortgage. If you're remortgaging to borrow more money, your LTV may stay the same. To apply for a mortgage 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. Some products are only available to a lender's existing customers.

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.