Remortgaging - Best Remortgage Deals | moneyfacts.co.uk

Compare the Best Remortgage Deals

  - Compare and search over 3,000 remortgage deals to find the best rate to suit you.

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Compare the Best Remortgage Deals

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RateAPRCMortgage TypePeriodMax LTVERCSearch all
5206 mortgages

1.24%
Reverting to 4.74%
4.0% Discounted Variable2 years60%1st 2 yrs Details...
Speak to an Adviser
 
  Product Fee: Completion £495 

1.24%
Reverting to 3.99%
3.6% Fixed31/10/201980%To 31/10/2019Details...
Speak to an Adviser
 
  Product Fee: Arrangement £995 

1.85%
Reverting to 4.70%
4.0% Discounted Variable3 years80%1st 3 yrs Details...
Speak to an Adviser
 
  Product Fee: Arrangement £499 

1.89%
Reverting to 4.24%
3.2% Fixed01/08/202275%To 01/08/2022Details...
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  Product Fee: Arrangement £699 

1.89%
Reverting to 3.99%
3.2% Fixed31/08/202265%To 31/08/2022Details...
Speak to an Adviser
 
  Product Fee: None 

1.55%
 for Term
1.7% VariableTerm75%NoneDetails...
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  Product Fee: Arrangement £999 
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2.44%
Reverting to 4.24%
4.0% Fixed31/08/201990%To 31/08/2019Details...
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  Product Fee: None 

1.94%
Reverting to 3.74%
3.2% Fixed5 years75%1st 5 yrs Details...
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  Product Fee: Reservation £999 
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Last Updated: Saturday 24 June 2017 13:22

Representative Example: £150,000 mortgage over 25 years initially at 1.89% fixed for 62 months reverting to 4.24% variable for term. 62 monthly payments of £627.78 and 238 monthly payments of £774.53. Total amount payable £224,254.50 includes loan amount, interest of £73,261, valuation fees of £0 and product fees of £699. 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.

 

On This Page:

  1. What is remortgaging?
  2. Why remortgage?
  3. Can I remortgage?
  4. How to remortgage your house
  5. When should I remortgage?
  6. What will remortgaging cost?
  7. How to find the best remortgage deal
  8. Remortgage advice

What is remortgaging?

To remortgage your house basically means to change your existing mortgage for a new one, without moving to a new home. You might want to remortgage for added security, if you think a better rate is available which will save you money on repayments; or to raise capital to pay for home improvements such as a new kitchen, extension or a conservatory, or you may have reached the end of a fixed rate mortgage.


Why remortgage?

If you already have a mortgage, you may benefit from searching for remortgage deals to see if you can find a better rate than you currently have. If you are coming to the end of a fixed rate mortgage, your mortgage will likely revert to a standard variable rate, usually higher than your fixed rate. If you remortgage, you will be able to switch to a new fixed rate mortgage, or a lower rate variable or tracker mortgage.


Can I remortgage?

If you have a mortgage already, you can remortgage. The only requirement is that you meet the criteria of the mortgage lender you want to switch to, just as you would have to for any mortgage.

Remortgaging may be an important thing to consider if you are coming to the end of your fixed term period with your current mortgage provider. After your fixed term period, you will likely be transferred to your provider's standard variable rate, which is usually higher than your fixed rate introductory period.


How to remortgage your house

Remortgaging deals can be expensive, so be sure to shop around. Many lenders offer free valuation and legal fees, but this may be at the expense of a higher interest rate. You can compare the cheapest remortgage rates in this Best Buy remortgage table, which shows a selection of the best fixed rate remortgage, discount rate and tracker deals.

When you look at our best buys, you will see that we have selected products from across different loan-to-value tiers in order to give a wide overview of what's available.

Once you've decided on the remortgage you want, use our handy remortgage calculator to work out how much your monthly repayments will be.


When should I remortgage?

When the introductory fixed rate or discounted term you are currently on comes to an end, you usually be transferred to your provider's standard variable rate. This rate is almost always higher than your introductory rate, and will cost you most each month. So, the best time to start looking at remortgages is just before your existing deal comes to an end so that you can make a nice smooth transition from one mortgage deal to another.

There are a few things you need to watch out for though. Firstly, the exit fee on your current mortgage. This is a fee that your current provider will charge you for leaving. Don't let this put you off too much - the amount you could save from remortgaging may still make up for the one off fee, but you should still keep the fee in mind in case you need to budget for it. Always calculate how much you'll have to pay in fees and compare it to the benefit of remortgaging. It is possible that remortgaging can cost you more than sticking with your current provider


What will remortgaging cost?

Yes, there are fees involved in remortgaging. You will need to learn what these are from your mortgage provider before you consider remortgaging. Switching mortgages usually incurs an exit fee, but different providers will have different terms and conditions to consider. There may be multiple fees, and they could amount to the equivalent of several months' interest. It's possible that this could negate the savings you'll make in monthly repayments on a new mortgage, so calculate just how much it will cost you before you get started.

Pay particular attention to mortgage arrangement fees. This is a fee that you'd need to pay your new provider that you plan on switching to. Many remortgage deals that appear to be a bargain carry hefty arrangement fees of over £1000. This may not be very much if you have a larger mortgage, but if you have a small mortgage, it may undo some of the benefit of your lower monthly payments.

Read our mortgage fees guide for more information.


How to find the best remortgage deal

If you can't find a product that's right for you don't worry – you can use our quick and easy mortgage finder to access a more comprehensive list of mortgages.


Remortgage Advice

If you can't find a remortgage product that's right for you, don't worry – speak to an expert Mortgage Adviser. We've launched the Moneyfacts Mortgage Service in partnership with Premier Financial Group to help with your decision. To talk to a remortgage broker, simply 'Request callback' and someone will be in touch shortly.

If you have experienced bad or adverse credit or have had an IVA and are looking to remortgage we strongly advise you to contact a specialist remortgage broker to assist you with your choice.

 
 

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