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
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Compare the Best Remortgage Deals

Compare
Up to 3 products
side by side
RateAPRCMortgage TypePeriodMax LTVERCSearch all
5493 mortgages

1.59%
Reverting to 4.99%
4.3% Variable2 years60%1st 2 yrs Details...
Speak to an Adviser
 
  Product Fee: None 

1.93%
Reverting to 4.49%
4.1% Fixed30/06/202180%To 30/06/2021Details...
Speak to an Adviser
 
  Product Fee: None 

2.05%
Reverting to 5.75%
5.0% Discounted Variable3 years80%1st 3 yrs Details...
Speak to an Adviser
 
  Product Fee: Completion £300, Booking £199 

1.99%
Reverting to 4.19%
3.2% Fixed5 years75%1st 5 yrs Details...
Go to Site
 
  Product Fee: Booking £490, Upto £400000.00 Advance,Booking £980, £400001.00 - £800000.00 Advance,Booking £1470, £800001.00 - £1000000.00 Advance 

2.04%
Reverting to 4.19%
3.5% Fixed30/04/202485%To 30/04/2024Details...
Speak to an Adviser
 
  Product Fee: Booking £995, Reservation £99 

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

1.74%
Reverting to 4.24%
3.9% Fixed2 years85%1st 2 yrs Details...
Go to Site
 
  Product Fee: Reservation £999 

1.79%
Reverting to 4.69%
4.6% Fixed30/04/202275%To 30/04/2022Details...
Go to Site
 
  Product Fee: Arrangement £999 

1.59%
Reverting to 4.19%
3.7% Fixed2 years60%1st 2 yrs Details...
Go to Site
 
  Product Fee: Booking £490, Upto £400000.00 Advance,Booking £980, £400001.00 - £800000.00 Advance,Booking £1470, £800001.00 - £1000000.00 Advance 

2.79%
Reverting to 4.24%
4.0% Fixed30/06/202170%To 30/06/2021Details...
Go to Site
 
  Product Fee: None 

2.79%
Reverting to 4.24%
4.1% Fixed30/06/202170%To 30/06/2021Details...
Go to Site
 
  Product Fee: None 

1.55%
Reverting to 4.74%
4.3% Fixed31/05/202175%To 31/05/2021Details...
Go to Site
 
  Product Fee: Arrangement £1495 

1.75%
Reverting to 4.99%
4.4% Fixed01/07/202175%To 01/07/2021Details...
Go to Site
 
  Product Fee: Arrangement £995 

Representative Example: £150,000 mortgage over 25 years initially at 1.99% fixed for 60 months reverting to 4.19% variable for term. 60 monthly payments of £635.05 and 240 monthly payments of £774.06. Total amount payable £224,512.40 includes loan amount, interest of £73,877, valuation fees of £0 and product fees of £490. 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

If you're thinking about remortgaging, this independent guide will give you a good overview of what it entails and what you should take into account. Some of the topics covered include when the best time to remortgage is, how long the process takes, how to find the best remortgage deals and why you might want to consider doing it in the first place.

You can use our tables to compare remortgage products and find the best remortgage rates based on your loan-to-value (LTV) and preference in interest rate type. If you are still unsure of what product to choose, you can speak to our preferred expert mortgage advisers. 

At a glance

  • Remortgaging can be a way of reducing your monthly mortgage payments by moving to a lower LTV mortgage deal or switching to a lower rate than your current mortgage.
  • You can remortgage to access new, additional finance for things such as home improvements or to buy a second property.
  • If you stay with the same lender, you may be able to switch mortgages without incurring valuation or legal fees, but you may still have to pay mortgage product fees.
  • You can move between lenders to find products that are better suited to your individual requirements.
  • You may be able to remortgage to any type of mortgage, given your current circumstances.

Pros:

  • Potential for a better rate. When your current mortgage deal comes to an end you can remortgage to a new deal rather than reverting to your lender’s standard variable rate.
  • More choice. By looking for a new remortgage deal you can compare remortgages and see which will let you overpay, reduce your mortgage term or pay low remortgage fees.
  • Free up money. A remortgage could help pay for essential home improvements or pay off other debts (this is subject to the lender's criteria), either by reducing your outgoings or borrowing more than your previous mortgage

Cons:

  • Time to do affordability tests. Just like any new mortgage, a remortgage with a new lender will require you to complete an affordability test. Often this can take a couple of hours and meetings to complete. 
  • Additional fees – each time you remortgage you incur additional fees such as arrangement, legal and conveyancing fees. 
  • Need to be in good financial shape. As with the initial mortgage, your current credit score will be an important part of the remortgage application process.

Moneyfacts tip:

Always start looking to remortgage a couple of months ahead of the date when your current mortgage deal ends. This will give you a feel of the market and enough time to select the best remortgage for you.

On this page:

  1. What is remortgaging?
  2. 6 of the best remortgage deals
  3. Types of mortgages explained
  4. When should I remortgage?
  5. Things to consider
  6. How to find the best remortgage deals
  7. How long does it take to remortgage?
  8. Should I use a mortgage broker to arrange my remortgage?
  9. Can I apply in advance for my remortgage?
  10. Can I borrow more if I remortgage?
  11. 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.

6 of the best remortgage deals

1. Skipton Building Society 

 APRC
DETAILS

Mansfield Building Society


1.59% Initial Tracker Rate for 2 Years

Variable rate mortgage

60% LTV Purchase


4.3%
  • 1.59% Variable (collared at 1.59%) for 2 years

    Reverts to 4.99% variable for the remaining term of the mortgage

  • No additional product fees

  • Redemption charge for first 2 years of 0.5% of the outstanding balance

  • Exit fees: Redemption Admin Fee £75.00 Fixed; Mortgage Interest to End of Month

  • Free valuations

  • Free legal fees

  • Overpayments allowed

  • Payment holidays allowed

  • Option to choose combination of mortgage types, portable, tracker


Representative Example: £150,000 mortgage over 25 years initially at a tracker rate of 1.59% variable for 24 months reverting to 4.99% variable for term. 24 monthly payments of £606.27 and 276 monthly payments of £854.19. Total amount payable £250,566.92 includes loan amount, interest of £100,307, valuation fees of £0 and product fees of £0. The overall cost for comparison is 4.5% APRC representative.

Top of our 6 best remortgage deals, is this 1.59% variable rate mortgage from Skipton Building Society. If you have equity of 40% (60% LTV) or more, then you can access this deal, which has an initial tracker rate of 1.58% variable for 2 years, reverting to 4.99% variable for the remaining term of the mortgage.

With flexible features, including the ability to make overpayments and / or take a payment holiday (subject to T&Cs) and no up-front fees to pay this variable rate remortgage deal is worth a closer look. It is worth noting that you can choose a combination of mortgage types with this deal, including the ability to port it to another property should you decide to move home during the term of the mortgage.


2. Sainsbury's Bank

 APRC
DETAILS


Sainsbury's Bank 

1.93% initial rate

2 year fixed rate

80% LTV Remortgage

4.1%
  • 1.93% fixed to 30/06/2021
  • Reverting to Existing Borrower's rate of 4.49% for the remainder of the term
  • 80% LTV remortgage
  • No additional product fees
  • Redemption Charge to 30/06/2021: 2/1% sum repaid
  • Vacating fee £100
  • Free legal fees
  • Free valuation fees
  • Overpayments, underpayments and payment holidays allowed
  • Loan min: £40,000
  • Portable
  • Flexible options




Representative Example: £150,000 mortgage over 25 years initially at 1.93% fixed for 27 months reverting to 4.49% variable for term. 27 monthly payments of £630.68 and 273 monthly payments of £815.13. Total amount payable £239,803.85 includes loan amount, interest of £89,559, valuation fees of £0 and product fees of £0. The overall cost for comparison is 4.1% APRC representative.

Powering into the number 2 spot is this 2 year fixed deal from Sainsbury's Bank. With an initial rate of 1.93%for 2 years reverting to an existing borrowers rate of 4.49% for the remainder of the mortgage, this is an attractive offer for borrowers with 20% deposit of equity in their property. No additional fees (beyond a vacating fee of £100) as well as free valuations and legal fees make this a product to seriously consider.    


3.The Mansfield Building Society

APRC
DETAILS

Mansfield Building Society

2.05% Discounted Variable Rate 

3-year Variable rate mortgage

80% LTV Remortgage

5.0%
  • 2.05% Discounted variable (Collared at 1.50%) for 3 years (3.70% discount)
  • Reverting to Existing Borrowers rate of 5.75% for the remaining term of the mortgage
  • 80% LTV
  • Completion fee: £300
  • Booking fee: £199
  • Redemption charge for the first 3 years: 3% of the mortgage advance
  • Redemption admin fee fixed at £150 
  • Free valuation fees 
  • Free legal fees
  • Overpayments allowed
  • Minimum loan: £25,000
  • Maximum loan: £500,000  
  • Split repayment

Representative Example: £150,000 mortgage over 25 years initially at 2.05% variable for 36 months reverting to 5.75% variable for term. 36 monthly payments of £639.44 and 264 monthly payments of £907.56. Total amount payable £263,409.68 includes loan amount, interest of £112,616, valuation fees of £0 and product fees of £499. The overall cost for comparison is 4.9% APRC representative.

The Mansfield Building Society enjoy the 3rd place position and the only variable rate remortgage deal in the top 6. Borrowers with a maximum of 80% LTV can enjoy a discounted interest rate which is also collared at 1.50% for the next three years. Completion and booking fees are lower than average while this product also benefits from free legal and valuation fees.  

4.First direct

APRC
DETAILS

First Direct

1.99% Initial Rate 

5-year Fixed rate mortgage

75% LTV Remortgage

3.2%
  • 1.99% Initial rate fixed for 5 years 
  • Reverting to Existing Borrowers rate of 4.19% for the remaining term of the mortgage
  • 75% LTV
  • Booking fees Booking £490, Up to £400000.00 Advance,Booking £980, £400001.00 - £800000.00 Advance,Booking £1470, £800001.00 - £1000000.00 Advance 
  • Redemption charge 1st 5 years: 3/2/2/2/2% of mortgage advice
  • Free valuation fees 
  • Free legal fees for remortgages
  • Overpayments allowed
  • Minimum loan: £10,000
  • Maximum loan: £1 million  
  • Portable
Representative Example: £150,000 mortgage over 25 years initially at 1.99% fixed for 60 months reverting to 4.19% variable for term. 60 monthly payments of £635.05 and 240 monthly payments of £774.06. Total amount payable £224,512.40 includes loan amount, interest of £73,877, valuation fees of £0 and product fees of £490. The overall cost for comparison is 3.4% APRC representative.

First direct make an appearance in the remortgage chart with this 5 year fixed rate deal. With a product rate of 1.99% fixed for the next 5 years you can feel secure in knowing exactly what your monthly repayments will be. To make things even better there are no valuation or legal fees for remortgages, with a sliding scale of costs for booking fees starting at just £490.

5. M&S Bank

 APRC
DETAILS

HSBC 

2.04% Initial Rate 

Fixed rate mortgage

85% LTV Remortgage  


3.5%
  • 2.04% fixed to 30/04/2024
  • Reverting to Existing Borrower's rate of 4.19% for the remainder of the term
  • 85% LTV remortgage
  • Booking fee: £995
  • Reservation fee: £99
  • Redemption Charge to 30/04/2024: 5/4/3/2/1% sum repaid
  • Free legal fees
  • Free valuation fees
  • Overpayments allowed
  • Loan min: £10,000
  • Portable



Representative Example: £150,000 mortgage over 25 years initially at 2.04% fixed for 61 months reverting to 4.19% variable for term. 61 monthly payments of £638.71 and 239 monthly payments of £774.33. Total amount payable £225,265.18 includes loan amount, interest of £74,026, valuation fees of £0 and product fees of £1094. The overall cost for comparison is 3.5% APRC representative.  

M&S grab the number 5 spot in our chart with their 2.09% remortgage deal. Fixed at a rate of 2.09 until the end of April 2024 this then reverts back to an attractive existing borrowers’ rate of 4.19% variable. Although there is a booking fee of £999 borrowers benefit from both free legal and free valuation fees.  

6. Coventry Building Society

 APRC
DETAILS

Coventry Building Society

2.15% Initial Rate 

Variable rate mortgage

75% LTV Remortgage



2.2%
  • 2.15% Variable for the remaining term of the mortgage
  • 75% LTV
  • £999 arrangement fee
  • Redemption admin fee £125.00 Fixed (not payable for the last year)
  • Overpayments allowed
  • Payment Holidays allowed
  • Free valuation fees (Max £670)
  • Free legal fees
  • Also available to Further Advances
  • Portable
Representative Example: £150,000 mortgage over 25 years initially at 2.15% variable for term. 300 monthly payments of £646.79. Total amount payable £195,181.00 includes loan amount, interest of £44,037, valuation fees of £0 and product fees of £999. The overall cost for comparison is 2.2% APRC representative.

Finally, making it into our top 6 remortgage products list, is this variable rate mortgage from Coventry Building Society. With a variable rate of 2.15% for the entire term of the mortgage, you won’t have to worry about being moved to an SVR, but do bear in mind that this is a variable rate, so is subject to fluctuations, and could therefore go up or down during the term of your mortgage. This is a 75% LTV product so is only available to those with at least 25% equity in their home for remortgaging.

There is an arrangement fee of £999, but no redemption charge (there is a redemption admin fee of £125 which is not payable during the last year of the mortgage term) and Coventry BS are offering free valuation fees (up to £670) and free legal fees for those remortgaging onto this product.

There is also the option of making overpayments (useful if you wish to shave some time off your mortgage term) or payment holidays (subject to T&Cs).

This is a portable mortgage, so should you decide to move home, during the term of your mortgage, you have the option of taking your mortgage with you as well, which could help make the process a little less hassle for you.

Rates and information correct as of 18/03/2019

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 find a mortgage search tool. 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: 14/12/18

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