Compare Remortgage Deals

We surveyed the UK’s largest mortgage lenders (as defined by trade association, UK Finance). All of them issue mortgage offers that last for six months.

When ranking the lenders, we also considered the following factors:

• Offer validity period: whether this is from date of offer or application, as well as whether time stated is an ‘up to’
• Arrangement fees: if they are payable and how/when they can be paid
• Fee refund policies: whether arrangement fees are refundable if the mortgage does not complete
• Customer experience scores: as listed by Fairer Finance

It’s important to note that our pick of the best remortgaging lenders is based on the process of remortgaging (ie, how early you can book in a mortgage, and the potential implications of doing so). It does not consider in any way the mortgage deals the lenders have on offer.

Remortgaging is when you refinance a property you already own. Technically it refers to actually changing mortgage lenders – moving onto a different deal with the same lender is known as a ‘product transfer’. When you are looking for a new mortgage though, don’t forget to check what your existing lender is offering too.

Typically, borrowers will remortgage when their existing fixed rate or tracker rate deal comes to an end. That’s because it will be cheaper to take a new fix or tracker deal, compared to reverting to their lender’s standard variable rate (SVR) which currently average 8.18% according to Moneyfacts (April 2024).

If customers don’t remortgage or switch to another deal with their current lender, they will almost always be put onto the SVR.

While there are usually fees to pay when remortgaging, it’s still likely to work out cheaper than paying SVR over the term of the deal.

While we have shown our pick of the best lenders for remortgage (above) based on the offer validity period and customer service scores, you can use the live tables below, supplied by our mortgage broker partner Better.co.uk, to see the most up-to-date mortgage rates for your personal situation.

Bear in mind that mortgage rates and deals can change on a daily basis, so the deals you see today may not be available at a later date.

Lenders often allow you to lock in your next mortgage up to six months before you want it to start (see information in our tables above), so you can begin the remortgaging process any time from then.

Give yourself at least two to three months to find a new mortgage deal though, as if you don’t have another deal lined up you’ll drop onto your lender’s standard variable rate (SVR), which is likely to be a much higher rate.

It probably won’t make sense to switch from your current deal before it ends as you’ll be hit with early repayment charges (ERC) – more on these below.

Some general research into what remortgage offers are available is a great starting point. But you may also want to approach your existing lender to see what it can do. In a bid to keep your business, it may offer you a ‘product transfer’ which switches your mortgage to a new deal.

The advantage of opting for a product transfer is that it usually means avoiding fees. You probably won’t need to undergo a fresh affordability assessment either, which could be especially handy if your income or circumstances have changed. Your current lender may also be less inclined to value your property, compared to a new lender.

However, it is still advisable to compare what you are offered against the open mortgage market and that you are getting the right type of deal for your circumstances. It’s often worthwhile to speak to an independent mortgage broker.

Many brokers don’t charge a fee to the customer and may have access to exclusive deals that you won’t find elsewhere.

Keep in mind though, that there are lenders who only offer mortgages directly to the borrower and don’t offer deals through brokers.

Once you’ve found a suitable mortgage deal you can apply either through the broker or directly with the lender.

At this stage, the new lender will carry out all the necessary checks. It will evaluate your financial situation through its own ‘affordability assessment’. This looks at your outgoings and earnings to see if you can afford the loan.

The lender will also ‘stress test’ your finances to ensure you can still afford repayments should interest rates rise in the future. This involves applying a higher interest rate to its calculations. What this is will depend on the market at the time. The rate for the stress test has increased over the past year as interest rates have gone up.

Your credit report will also be checked to see how you’ve managed any debts in the past.

If the lender’s happy to proceed, it will need to ensure your property provides enough financial security for the amount you want to borrow – which means completing an online (‘desktop’) or physical valuation of the property. However, valuations are often free-of-charge when you’re remortgaging.

You will then receive a mortgage offer to sign that’s typically valid for up to six months. This is followed by legal work to handle the transfer of your mortgage.

Finally, your new mortgage account will be opened on the date your current mortgage deal ends – ensuring you are well clear of any period during which early repayment charges apply (more on fees below).

As well as looking at the interest rates when remortgaging it’s important to consider what fees might apply. There are a range of fees to consider.

• Arrangement fees: most new fixed rate and tracker rate deals on offer charge an arrangement fee. These typically range from around £500 to £2,000 for residential fixed rate deals, although they can also be charged as a percentage of the loan
• Early redemption fees: often referred to as ERCs, these charges, which tend to range from 1% to 5% of the mortgage balance, usually apply if you want to leave a mortgage deal early. They can be particularly high on long-term fixed rate deals, such as five-year fixed rates. Although many deals carry ‘tiered’ ERCs which means it’s cheaper to leave with every year of the mortgage deal
• Exit fees: Many mortgages charge an administration or ‘exit’ fee just for closing your mortgage account, if you’re going to move to another lender. It’s typically between £50 and £200
• Valuation and legal fees: Due to staunch competition for business, many lenders offer remortgage deals with a free valuation and legal service. Some offer cashback to cover these costs (amounting to around £300 or more). However, it’s always worth checking to see what’s available.

You may have the option to borrow more when you remortgage by releasing some of the equity you have built up in your home over the last few years. This cash could be used, for example, to pay for home improvements, or reduce other more expensive debts.

Say, for example, your home’s value has increased from £300,000 to £350,000. If you owed £240,000 to your lender, but have a new mortgage agreed for £280,000, you would be left with £40,000 cash surplus (minus any fees).

By borrowing more, you will pay interest on a greater amount. However, if you owe in credit card or personal loans debt, paying these off with money borrowed from remortgaging your home may often be cheaper (always check and compare the rates first).

As well as cheaper interest rates or the chance to borrow more, remortgaging can also provide access to a more flexible mortgage deal. This could help you to repay your debt faster and save money in interest. Here are some examples:

Unlimited overpayments: Most mortgage deals, even fixed rates, allow you to overpay by around 10% of your mortgage balance each year, without penalty.

But there are deals with no ERCs at all which means you can pay off as much as you like with no charge. If you are in the fortunate position to be able to do this, it can potentially shave years off your mortgage term and save thousands of pounds in interest.

Take an offset mortgage: If you have a lump sum in savings, this can be deducted from your mortgage balance to cut the cost of your repayments. For example, if you have £50,000 in savings, and a mortgage of £150,000, you’ll only pay interest on the £100,000 difference, while your savings remain intact.

Be aware however, that should you ever decide to spend these savings on other things, your mortgage repayments will increase accordingly. Also, offset mortgage deals tend to have higher interest rates than standard deals, so you would need to carefully consider the benefits of this option versus the relative costs.