Compare our best remortgage deals and rates

Reduce your monthly mortgage repayments or release equity with a remortgage deal. You can compare our best deals and get a new mortgage with our remortgage comparison table. Or learn more about how, when and why to remortgage with our guide.

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

  • Barclays 2 Year Fixed mortgage

    Initial rate 1.24%. APRC 3.9%. Set-up fees £999
  • HSBC 2 Year Fixed mortgage

    Initial rate 1.24%. APRC 3.8%. Set-up fees £999
  • PostOffice4Intermediaries 2 Year Fixed mortgage

    Initial rate 1.27%. APRC 4.3%. Set-up fees £1,495
  • Post Office Money 2 Year Fixed mortgage

    Initial rate 1.27%. APRC 4.2%. Set-up fees £1,495
  • Santander 2 Year Fixed mortgage

    Initial rate 1.28%. APRC 3.4%. Set-up fees £999
  • HSBC 2 Year Fixed mortgage

    Initial rate 1.29%. APRC 3.8%. Set-up fees £999
  • We've found 2722 mortgage deals

    Barclays

    2 Year Fixed

    Initial rate

    1.24%

    until 31-10-2021

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £678.71

    for 24 months

    Barclays

    2 Year Fixed

    Initial rate

    1.24%

    until 31-10-2021

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £678.71

    for 24 months

    HSBC

    2 Year Fixed

    Initial rate

    1.24%

    until 31-01-2022

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £678.71

    for 24 months

    Barclays

    2 Year Fixed

    Initial rate

    1.24%

    until 31-10-2021

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £678.71

    for 24 months

    PostOffice4Intermediaries

    2 Year Fixed

    Initial rate

    1.27%

    until 30-11-2021

    APRC

    4.3%

    overall cost for comparison

    Set-up fees

    £1,495

    Monthly payment

    £681.14

    for 24 months

    Post Office Money

    2 Year Fixed

    Initial rate

    1.27%

    until 30-11-2021

    APRC

    4.2%

    overall cost for comparison

    Set-up fees

    £1,495

    Monthly payment

    £681.14

    for 24 months

    Santander

    2 Year Fixed

    Initial rate

    1.28%

    until 02-12-2021

    APRC

    3.4%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £681.94

    for 24 months

    Santander

    2 Year Fixed

    Initial rate

    1.28%

    until 02-12-2021

    APRC

    3.4%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £681.94

    for 24 months

    HSBC

    2 Year Fixed

    Initial rate

    1.29%

    until 31-01-2022

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £682.75

    for 24 months

    HSBC

    2 Year Fixed

    Initial rate

    1.29%

    until 31-01-2022

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £682.75

    for 24 months

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

    Learn more about remortgaging

    Show simple deals list

    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 deal on your current mortgage with either your current or a new lender.

    If you already have a mortgage, switching to a new deal on your current property is called a remortgage. The new mortgage – this could be from the same or a new lender – is used to pay off your old mortgage.

    Though you will have already gone through the mortgage process, it doesn't necessarily mean a remortgage will be easier. You will still have to submit a lot of paperwork, pass strict affordability checks and most likely need to use a conveyancing service. Staying with the same lender may make the process slightly easier.

    How to find the best remortgage deal

    The best remortgage deal is the one that has the lowest interest rate, and ideally no or low setup 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.

    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.

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

    If you have an LTV of 60%, the best 2 year fixed remortgage has an initial interest rate of 1.29%. The best 5 year fixed remortgage is at 1.7%.

    Why remortgage?

    The simplest reason for remortgaging is that you want a better deal and by better, we mean cheaper: 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.

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

    There's 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. But be careful as you'll be putting your home at risk

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

    Buy to let remortgage

    If you’re looking to get a buy to let property, you could remortgage to help you pay for it.

    So how does remortgaging work when you’re looking to buy another property?

    Remortgaging is a way to release equity and borrow additional money from your lender. If you're interested in purchasing a property to rent out, you could use that money as a deposit to purchase a buy to let mortgage. Or even buy the property outright.

    But you should be aware of the potential risks. Check the terms and conditions of your existing mortgage so you're aware of any potential costs. For example, an early exit fee.

    And check that remortaging is actually the best option. You could have more equity by staying with your current mortgage provider and paying off the debt.

    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.

    How much can you save by remortgaging?

    If you remortgage to a new mortgage with a lower interest rate you could pay less money overall (or at least until the next time you remortgage), 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 a little over £79,200 over the next five years (£1,320 per month).

    But if you were to remortgage to a 5 year fixed rate mortgage at 2.5%, you would only pay £63,600 over the next five years (£1,060 per month): that’s a £15,600 saving over five years.

    If you are remortgaging in order to borrow more money from the lender, do not forget that you’ll need to do your calculations on the new principal amount.

    How does remortgaging work?

    If you feel you're paying more than you need to, it can be tempting to start looking at remortgage deals straight away. But it's important to first understand how remortgages work to make sure it's the right option for you.

    When can I remortgage?

    If you try to exit your mortgage during the special introductory promotion (i.e. a fixed rate, a discounted rate, or tracker mortgage), there will most likely be an early repayment charge (ERC). The ERC is usually calculated as a percentage of what you owe, so it could be tens of thousands of pounds.

    When your promotional term ends, you’ll automatically revert onto the lender’s SVR, on which you will not normally need to pay an ERC. However, the rates will probably be a lot higher than the interest rate you previously enjoyed.

    For this reason, it is usually worth trying to remortgage before your promotional term finishes. Mortgage offers usually last for between three to six months and can take a month or two to come through.

    How long does a remortgage take?

    Getting a remortgage usually takes between one to two months, though 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 it will still need to do a deep dive into your finances to be sure you can comfortably meet the payments.

    In general, you should begin the remortgage process at least two months before your current promotional term ends. Most mortgage offers are valid for a few months.

    How to remortgage

    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 record, whether you’re accepted or not. For the same reason, it is best to try and 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.

    No matter what mortgage you currently have, you're likely to be to find a remortgage deal out there. But depending on your financial situation, or the type of mortgage you have, it might be a little tricker.

    Remortgage with bad credit

    You're still able to remortgage with a poor credit rating. But it 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. 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, it's possible to get a remortgage on your shared ownership property.

    It's not much different from a standard remortgage. Though as it's a shared ownership property, you'll need to find a lender who offers shared ownership mortgages. This could limit the options available to you.

    Help to Buy remortgage

    It's possible to get a remortgage on your Help to Buy property.

    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 remortage 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 a Help to Buy remortgage deal. And many require you to pay off your equity loan in full first. So your options may be limited.

    How will remortgaging affect my home equity and loan-to-value ratio?

    One of the most important factors when getting any mortgage is the the loan-to-value (LTV) ratio. If you’re buying a £300,000 home and you have a 10% deposit of £30,000, you will need to borrow £270,000, giving you a 90% LTV. As the LTV decreases – which it does in 5% increments: 85%, 80%, 75%, 70% and so on – lenders usually offer mortgages with lower interest rates.

    A first time buyer is unlikely to have a giant deposit. In fact, 95% LTV mortgages are particularly popular with first time buyers. But even if you started with a 95% LTV, by the time you come to remortgage your home, the LTV could have dropped because you’ve repaid some of the principal debt thanks to your monthly repayments.

    For example, if you’ve paid off £60,000 on your £270,000 mortgage, then you would only need to borrow £210,000 when you remortgage, giving you an LTV of 70%. You should be able to find a cheaper mortgage with a 70% LTV than with 90% LTV.

    If you have positive equity in your home, you will not need a deposit for a remortgage but can use that equity in its place. Positive equity is essentially the profit you’d get if you sold the property and paid off the loan. If you’ve built up some savings, you could also add those funds to the new deal, thereby reducing your LTV even further.

    However, if the value of your property has dropped below the mortgage itself, you will be in “negative equity”. 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”.

    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

    Edited by: Sarah Guershon

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    Last updated: 8 August, 2019

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