Compare Best Remortgage Deals | moneyfacts.co.uk

Compare the Best Remortgage Deals

  - Our independent best remortgage table will help you compare the best remortgage rates currently available.

 
If you are unsure or would like some advice, then you can speak to our trusted mortgage advisers
Also look at:

Compare the Best Remortgage Deals

Compare
Up to 3 products
side by side
RateAPRCMortgage TypePeriodMax LTVERCSearch all
5548 mortgages

1.58%
Reverting to 4.99%
4.5% Variable2 years60%1st 2 yrs Details...
Speak to an Adviser
 
  Product Fee: None 

1.99%
Reverting to 5.20%
4.6% Fixed31/12/202080%1st 2 yrs Details...
Go to Site
 
  Product Fee: None 

2.24%
Reverting to 5.95%
4.9% Discounted Variable31/01/202280%To 31/01/2022Details...
Speak to an Adviser
 
  Product Fee: None 

1.94%
Reverting to 4.19%
3.4% Fixed30/11/202375%To 30/11/2023Details...
Go to Site
 
  Product Fee: Booking £999 

2.09%
Reverting to 4.25%
3.5% Fixed5 years80%1st 5 yrs Details...
Speak to an Adviser
 
  Product Fee: Booking £499 

2.15%
 for Term
2.2% VariableTerm75%NoneDetails...
Speak to an Adviser
 
  Product Fee: Arrangement £999 
  Sponsored Products  

2.58%
Reverting to 4.74%
3.9% Fixed31/12/202375%To 31/12/2023Details...
Go to Site
 
  Product Fee: None 

2.15%
Reverting to 4.19%
3.9% Fixed2 years75%1st 2 yrs Details...
Go to Site
 
  Product Fee: None 

1.54%
Reverting to 4.24%
4.0% Fixed31/12/202060%To 31/12/2020Details...
Go to Site
 
  Product Fee: Booking £995 

1.78%
Reverting to 4.24%
4.0% Fixed31/12/202080%To 31/12/2020Details...
Go to Site
 
  Product Fee: Booking £995 

2.24%
Reverting to 5.20%
4.0% Fixed31/12/202375%1st 5 yrs Details...
Go to Site
 
  Product Fee: None 

1.55%
Reverting to 4.74%
4.2% Fixed30/11/202060%To 30/11/2020Details...
Go to Site
 
  Product Fee: Arrangement £995 

1.65%
Reverting to 4.99%
4.4% Fixed01/01/202165%To 01/01/2021Details...
Go to Site
 
  Product Fee: Arrangement £995 

Representative Example: £150,000 mortgage over 25 years initially at 1.94% fixed for 61 months reverting to 4.19% variable for term. 61 monthly payments of £631.41 and 239 monthly payments of £772.66. Total amount payable £224,325.75 includes loan amount, interest of £73,182, valuation fees of £0 and product fees of £999. The overall cost for comparison is 3.4% APRC representative.

Moneyfacts.co.uk Best Buys show the best products chosen by our independent experts. Where we have been able to we have also provided a link for you to apply via Moneyfacts.co.uk today. Products shown with a yellow background are sponsored products.

Disclaimer: Credit will be secured by a mortgage on your property. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Written quotations are available from individual lenders. Loans are subject to status and valuation and are not available to persons under the age of 18. All rates are subject to change without notice. Please check all rates and terms with your lender or financial adviser before undertaking any borrowing.

 

Remortgaging explained

For those who aren’t sure if remortgaging is the right move, we’ve answered the most commonly asked questions below. We hope this will help you get a clear idea of what you’re signing up for before you decide.

On this page:

  1. What is remortgaging?
  2. Types of mortgages explained
  3. When should I remortgage?
  4. Things to consider
  5. How to find the best remortgage deals
  6. How long does it take to remortgage?
  7. Should I use a mortgage broker to arrange my remortgage?
  8. Can I apply in advance for my remortgage?
  9. Can I borrow more if I remortgage?
  10. Do I have to have my home revalued to remortgage?

What is remortgaging?

Remortgaging simply means changing an existing mortgage without moving home. There are many reasons to remortgage. Predominantly, homeowners remortgage to save money, either by moving away from a mortgage with a high interest rate or to take advantage of lower overall mortgage rates. You can remortgage with your existing lender, but you may want to remortgage with a different lender instead, if they can offer a better deal.

Borrowers who’ve repaid a significant amount of their mortgage may also be able to choose to remortgage to a lower loan-to-value (LTV) tier. Say you got your current mortgage at 80% LTV, so with a 20% deposit. After you’ve paid another 10% off your mortgage (provided you’ve chosen a repayment mortgage and house prices remain the same), you become eligible for a 70% LTV mortgage deal, which usually come with lower rates. You only have to take a look at the charts to see the difference.

The biggest difference is usually found when coming off a first-time buyer mortgage, so one at 95% or 90% LTV, as these tend to come with the highest rates. But you don’t need to move LTVs to get a better deal. Especially if you’re on your lender’s standard variable rate (SVR), you should be able to get a better rate by moving to a different type of mortgage.

Types of mortgages explained

The different mortgage types are explained in more detail in our guides, but here is a brief overview:

  • A fixed rate mortgage is one where the rate does not change for the entirety of the fixed term, which can give borrowers a sense of security and means they will know what their repayments are going to be every month until the end of the agreed period.
  • A variable rate mortgage can change its rate over time, which means less security for borrowers. In exchange for this uncertainty, lenders often offer lower rates than on fixed rate mortgages. You’ll want to look into the state of the economy and the likelihood of rates throughout the mortgage markets rising in the near future before committing to this kind of deal.
  • A discounted variable rate is a subtype of variable rate mortgages, whereby borrowers can get a set discount on what is usually the lender’s standard variable rate for a certain time. This can make it slightly more predictable than a general variable rate mortgage.
  • A standard variable rate (SVR) mortgage is most often the type that borrowers fall into rather than choose themselves. This is because the SVR is usually what borrowers fall back on when their initial deal (whether fixed or variable) ends. These therefore tend to come with the highest rates.

You should be able to remortgage to any kind of mortgage, so your choice will likely depend on what deals are available and what kind of mortgage you’d prefer. You can talk to your current provider if you’re not sure – they may even be able to offer you a good remortgage deal to keep you with them.

When should I remortgage?

There are a few signs to look out for to see if it’s time to remortgage. First and most obvious there’s the end date of your existing mortgage deal, which can offer a perfect deadline for you to switch to a different product. As said, if you don’t remortgage by the end of your current mortgage term, you’ll more than likely end up on your lender’s SVR, which means your repayments will almost certainly go up – unless you move to a different deal on time.

If you’re on a deal that does not have a set end date, it can be a bit more difficult to determine when it might be time to change things up. If you’re keeping an eye on the news section of our site, however, you could use news of lower mortgage rates or impending rises to see when it might be a great time to take advantage of a competitive mortgage market to decrease your monthly repayments.

There may also be personal circumstances that could signal a remortgage might be the way to go. House prices might have increased enough, or you may have paid off enough of your mortgage, to be able to move down an LTV tier, as already mentioned, or you may want the opposite and actually borrow more money, for example for home improvements.

Remortgaging can provide the perfect opportunity to increase your mortgage amount and free up some cash – provided the lender allows this. Alternatively, you may want to consider a secured loan (sometimes referred to as a second charge mortgage) to keep your regular mortgage repayments as low as possible.

Things to consider

There may be times when you’re still in the middle of a deal with a set end date, but rates have decreased in the meantime and you know you can save money by remortgaging early. However, a lot of mortgage products come with early repayment charges, so before you make the jump you’ll want to do some calculations to make sure that you’re actually saving money by switching mortgage deals.

Similarly, the best remortgage deals aren’t always the ones with the lowest rates – high arrangement fees can mean that the true cost of taking out such a mortgage could end up higher than a fee-free remortgage deal with a slightly higher rate. Look at the Details as well as the APRC (which takes into account the SVR as well as any fees) to get a better idea of what you’re getting yourself into.

Another thing to consider is that, just like with taking out your initial mortgage, your credit score plays an important part in the application process and determining whether you get the deal or not. So, if you’ve accumulated some debt since the last time you applied for a mortgage, it is a good idea to eliminate as much of it as possible before applying. Note also that missing mortgage repayments will negatively affect your credit rating.

How to find the best remortgage deals

While many of the deals in the other mortgage charts may be open to remortgage customers, the deals in this chart are chosen specifically because of their appeal to remortgagors. As always, however, you will need to carefully compare remortgage deals yourself to find the best remortgage rates and terms for your circumstances.

If none of the deals in the list above appeal to you, or you’re looking for a specific type of mortgage to move to, there’s always our mortgage calculator. This allows you to specify not only your reason for wanting a new mortgage and type of mortgage, but also the amount you’re after and more, to help you find the right product for your circumstances.

How long does it take to remortgage?

The process of remortgaging can be fairly quick if you are simply sticking with your current provider, but it could take as long as two months (or more) if you’re switching to a new lender. This will depend on your own application, if there are any difficulties to take into account and the lender you’ve chosen. Don’t let such a long timeframe deter you from switching to a different lender, however, as the benefits (if you’ve picked the right deal for you) should outweigh the stress in the end.

With this timescale in mind, it might be a good idea to start looking for a suitable remortgage product at least a few months before your current mortgage deal is due to end.

Should I use a mortgage broker to arrange my remortgage?

There are benefits, as well as drawbacks, to using a broker. While most mortgage brokers will be able to look at the whole of the market for you, and even some broker-exclusive products, meaning you could end up with a better deal than you’d be able to find on your own, they do cost money. You could do your own research and speak to an adviser to get a better idea of your options.

Can I apply in advance for my remortgage?

Yes, you certainly don’t have to wait until your current deal is done to apply for a new mortgage deal. In fact, it’s generally considered good practice to start looking a few months in advance, so you don’t end up accidentally falling back on your lender’s SVR for a few months in-between deals.

Can I borrow more if I remortgage?

Yes. However, there are more restrictions on this practice since the financial crisis, so you’ll have to talk to your lender to see if it’s an option for you. Remember that a secured or unsecured loan, or equity release if you’re over 55, could be a better way to borrow money, depending on your circumstances.

Do I have to have my home revalued to remortgage?

If you are moving to a different provider and/or trying to move to a lower LTV tier you are likely going to need a new valuation. If you’re sticking with your current provider, however, you may be able to agree with them not to have a new valuation done.

Written by: Lieke Braadbaart, last updated: 04/06/2018

 

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