Compare our best remortgage deals and rates

Calculate your monthly mortgage repayments using our mortgage repayment calculator. Find out your mortgage repayments whether you're a first-time buyer, home mover or you're remortgaging. Compare payments for normal, interest-only and buy-to-let mortgages. Or explore our mortgage repayment guide to learn more.

Current property value

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Remaining mortgage amount

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Mortgage term

years

Initial rate type

Deal length

Repayment type

Our best remortgage deals

  • Lloyds Bank 2 Year Fixed mortgage

    Initial rate 1.09%. APRC 3.5%. Set-up fees £1,499
  • Santander 2 Year Fixed mortgage

    Initial rate 1.12%. APRC 2.8%. Set-up fees £1,499
  • Lloyds Bank 2 Year Fixed mortgage

    Initial rate 1.17%. APRC 3.4%. Set-up fees £999
  • Halifax 2 Year Fixed mortgage

    Initial rate 1.23%. APRC 3.5%. Set-up fees £1,495
  • Nationwide Building Society 2 Year Fixed mortgage

    Initial rate 1.24%. APRC 3.2%. Set-up fees £1,499
  • Ulster Bank (NI) 2 Year Fixed mortgage

    Initial rate 1.24%. APRC 3.9%. Set-up fees £995
  • Royal Bank of Scotland 2 Year Fixed mortgage

    Initial rate 1.26%. APRC 3.9%. Set-up fees £995
  • NatWest 2 Year Fixed mortgage

    Initial rate 1.26%. APRC 3.9%. Set-up fees £995
  • We've found 1008 mortgage deals

    Lloyds Bank

    2 Year Fixed

    Initial rate

    1.09%

    until 28-02-2023

    APRC

    3.5%

    overall cost for comparison

    Set-up fees

    £1,499

    Monthly payment

    £666.68

    for 24 months

    Santander

    2 Year Fixed

    Initial rate

    1.12%

    until 02-02-2023

    APRC

    2.8%

    overall cost for comparison

    Set-up fees

    £1,499

    Monthly payment

    £669.08

    for 24 months

    Santander

    2 Year Fixed

    Initial rate

    1.12%

    until 02-02-2023

    APRC

    2.8%

    overall cost for comparison

    Set-up fees

    £1,499

    Monthly payment

    £669.08

    for 24 months

    Lloyds Bank

    2 Year Fixed

    Initial rate

    1.17%

    until 28-02-2023

    APRC

    3.4%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £673.08

    for 24 months

    Halifax

    2 Year Fixed

    Initial rate

    1.23%

    until 28-02-2023

    APRC

    3.5%

    overall cost for comparison

    Set-up fees

    £1,495

    Monthly payment

    £677.91

    for 24 months

    Nationwide Building Society

    2 Year Fixed

    Initial rate

    1.24%

    APRC

    3.2%

    overall cost for comparison

    Set-up fees

    £1,499

    Monthly payment

    £678.71

    for 24 months

    Nationwide Building Society

    2 Year Fixed

    Initial rate

    1.24%

    APRC

    3.2%

    overall cost for comparison

    Set-up fees

    £1,499

    Monthly payment

    £678.71

    for 24 months

    Ulster Bank (NI)

    2 Year Fixed

    Initial rate

    1.24%

    until 31-12-2022

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £995

    Monthly payment

    £678.71

    for 24 months

    Royal Bank of Scotland

    2 Year Fixed

    Initial rate

    1.26%

    until 31-03-2023

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £995

    Monthly payment

    £680.33

    for 24 months

    NatWest

    2 Year Fixed

    Initial rate

    1.26%

    until 31-03-2023

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £995

    Monthly payment

    £680.33

    for 24 months

    Not sure what you're looking for? We can help.

    Learn more about remortgaging

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    Representative example:

    If you borrowed £170,000 payable over 25 years, with an initial fixed-rate for two years at 2.39%, your monthly payments would be £754.32 for 24 months. This would then revert to a standard variable rate (SVR) of 4.53% for the remaining 23 years, costing £932.76 per month for 276 months. The total amount payable over the full term would be £276,082.62, including fees and interest.

    Your home may be repossessed if you do not keep up repayments on your mortgage.

    *The FCA found that in 2015-2016 roughly 30% of consumers could have saved £550 if they had remortgaged.

    What is a remortgage?

    Remortgaging is the process of securing a new mortgage loan to replace your current mortgage with either your current or a new home.

    The new mortgage is used to pay off your old mortgage. But just because you will have already gone through the mortgage application process when you took out the original loan, it doesn't necessarily mean a remortgage will be easier to obtain. You will still have to submit a lot of paperwork, pass strict affordability checks and most likely use a conveyancing service, although staying with the same lender may make the process slightly easier.

    Why remortgage?

    One reason for remortgaging is that you want a cheaper deal: if you’re paying your lender’s standard variable rate (SVR) right now, switching to a fixed rate mortgage could save you thousands of pounds.

    To work out your potential savings, you need to calculate what fees (if any) you will need to pay to exit your current mortgage and what fees you will be charged for taking out a new one.

    To leave your current mortgage, there will likely be a flat exit fee of between £50 and £200, plus an early repayment charge if you’re still within the promotional period.

    The new mortgage will usually have some fees attached, too, including application/set-up fees, survey fees from the lender and solicitors’ fees.

    Still, if you’re reducing your interest rate significantly – for example, from an SVR of 5% to a fixed rate of 2.5% – then you’ll likely save thousands of pounds in the long run.

    Another common reason is to remortgage to release equity. By remortgaging, you're able to borrow additional money from the lender.

    There are a number of reasons you might want to remortgage to release equity:

    • Home improvements You could increase the value of your home by remortgaging for home improvements.

    • Debt consolidation You might remortgage for debt consolidation, to reduce your credit card debt. Your mortgage will offer a far lower interest rate.

    • To get a buy to let property You could release equity to make it possible for you to afford a buy-to-let property.

    How much can you save by remortgaging?

    If you remortgage to a new deal with a lower interest rate, you could pay less money overall and your monthly repayments will be lower.

    For example, if you currently owe £200,000 with an interest rate of 5% and 20 years left on your mortgage, you will pay nearly £80,000 over the next 5 years (£1,320 per month).

    But if you were to remortgage to a 5-year fixed rate mortgage at 2.5%, you would pay less than £64,000 over the next 5 years – that’s a saving of about £15,000 over 5 years.

    When can I remortgage?

    If you try to exit your fixed rate, discounted rate or tracker mortgage during the specified term that you signed up for, there will most likely be an early repayment charge (ERC). This is usually calculated as a percentage of what you owe, so it could be tens of thousands of pounds.

    When your initial promotional term ends, you’ll automatically revert to your lender’s SVR, which will probably have a significantly higher rate than you previously enjoyed. This is when most people look to remortgage, so you’ll need to get cracking with your application before this happens.

    Sorting out a remortgage usually takes between one to two months, although it can take longer if there are any complications, such as if your application is rejected. If you get a new deal with your current lender, the remortgage process is likely to be faster than if you decide to change to a new lender, but the current lender will still need to do a deep dive into your finances to be sure you can comfortably meet the payments.

    So in general, it is usually worth starting the remortgaging process at least two months before your current deal ends. If you manage to secure a good remortgage deal, you’ll find it is valid for between 3 and 6 months, so if it’s all arranged a few weeks in advance, you can rest easy that you’ll be able to make the switch.

    How to find the best remortgage deal

    The best remortgage deal is the one that has the lowest interest rate and zero or low set-up fees.

    To find the lowest remortgage interest rate, you will usually need a low loan to value (LTV) ratio.

    If your house value has gone up and you have been paying off your mortgage for a few years, you will likely have a large amount of equity in your home and a low LTV.

    You also need to decide if you want to borrow more money when you remortgage, as that will affect your LTV.

    Before looking for a remortgage, you should work out exactly how much equity you have. To do this, you need the current market value of your home, and your total remaining mortgage debt.

    1. Check how much your property is worth. Use an online property portal like Zoopla, or ask an estate agent for a valuation.
    2. Find out how much you still owe your lender. You might be able to do this online or by looking at your latest statement. Otherwise, contact your lender and ask for a redemption statement.
    3. Decide on the type of mortgage you want. Do you want a fixed, discount or tracker mortgage? And will it be repayment or interest interest-only?
    4. Find a new mortgage deal by comparing mortgage deals online or talking to a mortgage broker.
    5. Add up all the fees. Weigh up the costs of leaving your current deal with taking out a new one. Will you definitely be saving money?
    6. Make sure payments are affordable. Do not become house poor! This is when the majority of your income goes towards paying off your mortgage and other property maintenance costs leaving very little left over.
    7. Apply for the new mortgage and let your solicitor take care of the rest.

    Will I be able to remortgage?

    It’s important to remember that remortgaging is just like taking out a new mortgage, even if you already own your property outright or you're looking to remortgage with the same lender. The lender needs to be satisfied with your credit history and the affordability of the new mortgage. Your income and all your outgoings (including other lines of credit) will need to be assessed before your remortgage is approved.

    Just like any type of credit, applying for a remortgage will appear on your credit recordwhether you’re accepted or not. For the same reason, it is best to try to avoid applying for multiple remortgages at the same time – it can be expensive if there are up-front fees, and you could end up with a few hits on your credit record, which could further decrease the chance of being accepted for a remortgage.

    The chances are that you're likely to be able to find a remortgage deal. But depending on your financial situation, or the type of mortgage you have, it might be tricky.

    Remortgage with bad credit

    If you have a poor credit rating, going for a remortgage might not be your best option.

    If your financial circumstances have changed since your first mortgage application, you could end up with a worse rate than you have now. If that’s the case, it's probably best to wait until your credit score has improved to get a better rate.

    Shared ownership remortgage

    If you're looking to increase your share of your home, it's possible to get a remortgage on your shared ownership property.

    It's not much different from a standard remortgage, although you'll need to find a lender who offers Shared Ownership mortgages, which could limit the options available to you.

    Help to Buy remortgage

    If you have a Help to Buy equity loan, you might want to remortgage your current property to exit the scheme. By remortgaging, you could increase your borrowing to repay the equity loan in full.

    Or you might want to remortgage your Help to Buy property if your fixed rate period is coming to end. By doing so, you could avoid being moved to your lender's potentially more expensive standard variable rate.

    But not many lenders offer Help to Buy remortgage deals, and many require you to pay off your equity loan in full first, so your options may be limited.

    Will you need a deposit?

    Even if you took out your first mortgage at 95% LTV, by the time you come to remortgage your home, you are likely to have built up your equity because you’ve repaid some of the principal debt through your monthly repayments.

    If you have built up a reasonable amount of positive equity in your home, you will not need a deposit for a remortgage – you can use that equity in its place. And if you’ve built up some savings, you could also add those funds to the new deal, thereby reducing your LTV even further.

    What problems might you hit?

    If the value of your home has dropped below the mortgage itself, you will be in negative equity. You will owe more to your lender than you would get by selling the property. In this instance, remortgaging to a cheaper deal will be nigh on impossible and you may be stuck on your lender’s SVR until the value of your property exceeds the mortgage, or you can overpay enough to reduce the mortgage amount until it is lower than the property value. If you are stuck on your current deal, you are what is known as a mortgage prisoner.

    Should I remortgage?

    The decision to remortgage ultimately rests on one main thing: will you save money with a new mortgage?

    To work that out, you need to calculate what fees (if any) you will need to pay to exit your current mortgage and any fees for taking out a new one.

    To leave your current mortgage, there will likely be a flat exit fee of £50 to £200, plus an early repayment charge if you’re still within the promotional period.

    The new mortgage will usually have some fees attached too, including application/set-up fees, survey fees from the lender and solicitor fees.

    Still, if you’re reducing your interest rate significantly – for example, from an SVR of 5% to a fixed-rate of 2.5% – then you’ll likely save thousands of pounds in the long run.

    The best remortgage deals

    Product TypeRateAPRC
    2 Year Fixed1.31%3.8%View
    3 Year Fixed1.55%4.1%View
    5 Year Fixed1.71%3.4%View
    85% LTV1.63%3.9%View
    Discounted Variable1.29%5.2%View

    Remortgage basics

    Learn more about remortgages

    Remortgage guides

    Compare other types of mortgage

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    Last updated: 10 August, 2020