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Compare your best remortgage deals & rates

Finding the right remortgage can be a challenge. Should you change lender or stay put?

Use an expert comparison call with our broker partner, Mojo Mortgages, help you to compare remortgage rates and make the right choice for you

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The FCA does not regulate mortgages on commercial or investment buy-to-let properties.

Last updated
June 3rd, 2024

A brown-skinned woman with an Afro wears a bright orange shirt and matching earrings and stands in from of a plan green background. She has a phone in one hand and her other hand is pointing to her mouth with an inquisitive look on her face to denote confusion

What does remortgaging mean?

Remortgaging means changing the mortgage deal on your current property. You can either switch your mortgage to a different product with the same lender - known as a product transfer - or choose a new deal with a different lender - usually referred to as a full remortgage.

People mainly remortgage to save money by avoiding their lender's standard variable rate (SVR) when their introductory rate ends. But, you can also change mortgages to borrow more money, using the equity in your home.

Best remortgage rates

This table shows some of our partner Mojo's best 2 year and 5 year fixed remortgage deals based on their initial rates available at different loan-to-value (LTV) ratios. This initial rate is what you pay throughout the introductory period (for a 2 year fixed-rate mortgage, the introductory period is two years).

The APRC (Annual Percentage Rate of Change) is included after each initial rate. APRC provides an overall picture of the mortgage deal, taking fees and the lender's standard variable rate (SVR) you typically fall onto after the introductory period into account.

This can be useful when comparing different mortgage deals, but doesn't consider that many people remortgage onto another deal before they move onto the SVR.

LTVBest 2 year fixed remortgage ratesBest 5 year fixed remortgage rates

Furness BS

Initial rate: 5.39% | APRC: 7.8%

Repayment mortgage of £270,000.00 over 25 years, representative APRC 7.8%. Repayments: 24 months of £1,638.66 at 5.39% (fixed), then 276 months of £2,141.11 at 8.69% (variable). Total amount payable £619,791.00. Early repayment charges apply until 2 years. Arrangement, mortgage discharge, valuation and CHAPS fees total £1139. Legal fees £105.

Scottish BS

Initial rate: 4.99% | APRC: 7.3%

Repayment mortgage of £270,000.00 over 25 years, representative APRC 7.3%. Repayments: 60 months of £1,576.82 at 4.99% (fixed), then 240 months of £2,073.70 at 8.49% (variable). Total amount payable £592,297.20. Early repayment charges apply until 5 years. Arrangement, mortgage discharge, valuation and CHAPS fees total £1095.


Furness BS

Initial rate: 5.09% | APRC: 7.8%

Repayment mortgage of £240,000.00 over 25 years, representative APRC 7.8%. Repayments: 24 months of £1,414.19 at 5.09% (fixed), then 276 months of £1,899.77 at 8.69% (variable). Total amount payable £548,975.40. Early repayment charges apply until 2 years. Arrangement, mortgage discharge, valuation and CHAPS fees total £1139. Legal fees £105.

Leek Building Society

Initial rate: 4.7% | APRC: 6.8%

Repayment mortgage of £240,000.00 over 25 years, representative APRC 6.8%. Repayments: 62 months of £1,360.04 at 4.7% (fixed), then 238 months of £1,796.68 at 8.24% (variable). Total amount payable £511,932.32. Early repayment charges apply until 31-Aug-2029. Arrangement, mortgage discharge, valuation and CHAPS fees total £1100. Legal fees £120.


The Co-operative Bank (Including Platform)

Initial rate: 4.89% | APRC: 7.7%

Repayment mortgage of £210,000.00 over 25 years, representative APRC 7.7%. Repayments: 29 months of £1,213.00 at 4.89% (fixed), then 271 months of £1,603.18 at 8.12% (variable). Total amount payable £469,638.78. Early repayment charges apply until 30-Nov-2026. Arrangement, mortgage discharge, valuation and CHAPS fees total £1049.


Initial rate: 4.47% | APRC: 6.9%

Repayment mortgage of £210,000.00 over 25 years, representative APRC 6.9%. Repayments: 64 months of £1,163.68 at 4.47% (fixed), then 236 months of £1,564.21 at 8.24% (variable). Total amount payable £443,629.08. Early repayment charges apply until 31-Oct-2029. Arrangement, mortgage discharge, valuation and CHAPS fees total £1525.



Initial rate: 4.82% | APRC: 7.8%

Repayment mortgage of £180,000.00 over 25 years, representative APRC 7.8%. Repayments: 28 months of £1,033.47 at 4.82% (fixed), then 272 months of £1,388.87 at 8.24% (variable). Total amount payable £406,709.80. Early repayment charges apply until 31-Oct-2026. Arrangement, mortgage discharge, valuation and CHAPS fees total £1025.


Initial rate: 4.26% | APRC: 6.8%

Repayment mortgage of £180,000.00 over 25 years, representative APRC 6.8%. Repayments: 64 months of £976.14 at 4.26% (fixed), then 236 months of £1,335.63 at 8.24% (variable). Total amount payable £377,681.64. Early repayment charges apply until 31-Oct-2029. Arrangement, mortgage discharge, valuation and CHAPS fees total £1525.

Date Updated 22 June 2024

The above fixed rates are provided by Mojo Mortgages and updated every 12 hours. THEY MAY NOT BE AVAILABLE WHEN YOU'RE READY TO SUBMIT AN APPLICATION.

Take a look at the current average mortgage rates in the UK.

Why remortgage?

There are multiple reasons why you might benefit from remortgaging, however most people do so to avoid rate increases when their current mortgage deal ends. However, according to recent buy-to-let statistics, 27% of landlords plan to remortgage a property within the next 12 months, solely for the intention of releasing equity from their portfolios.

Here are some of the most common reasons to remortgage:

Remortgage to save money

  • You've fallen onto your lender’s SVR - often the most expensive rate they have

  • You've gained equity in your home - This will lower the loan to value (LTV) ratio of your borrowing and the best remortgage rates tend to be available to those with the lowest LTV

  • Interest rate rises - If you're on a variable rate and see multiple increases to the Bank of England base rate you may begin to crave more stability. Remortgaging to a fixed-rate mortgage in the short term can offer this - even if they are slightly higher initially, they cannot increase until the deal period is over

  • You want more payment flexibility - certain mortgage products allow larger overpayments with no early repayment charges (ERCs) - this can help you repay your loan earlier. You may also want to consider remortgaging to an offset mortgage if you have substantial savings

Remortgage to borrow more

Some people remortgage to increase their borrowing, which can be helpful in a range of circumstances, such as:

  • Home improvements

  • Educational costs

  • Help kids or other family get onto the property ladder with a deposit

  • Debt consolidation

  • Big one-off purchases - car, holiday etc

Keep in mind that remortgaging to release equity (borrow money from the portion of your property you already own) is not always the cheapest way to borrow money.

While mortgage interest rates can be lower than personal loan rates, you pay interest on the additional balance for the entire length of your remaining mortgage term - which is likely to cost more overall.

How to remortgage

When you remortgage your property, you essentially pay off your existing mortgage with another mortgage. This can either be with the exact same sized loan, usually at a different rate of interest, or with a larger or smaller loan, depending on your level of equity and what you plan to do.

The application should be similar to taking out your original mortgage, but it's a good idea to take remortgage advice first, to ensure you get the timing right for your circumstances.

Can I get a remortgage deal?

It depends on your current circumstances. When you remortgage your house with another lender, the same eligibility requirements apply as when you took out your original mortgage:

  • Affordability

  • Credit status

  • Age

  • Property type

  • LTV - equity in your home should have grown enough to cover a remortgage deposit, but some lenders allow you top up a shortfall with a cash deposit too.

When to remortgage

Timing is the key to maximising the benefits of remortgaging, but the best time to remortgage will depend on your individual circumstances.

Good times to remortgage

  • You’re coming to the end of your current fixed-rate deal or introductory deal period - you can set up a remortgage as far as six months in advance of the end date

  • You see a much better rate - bear in mind that you'll need to look at how much any early repayment charges (ERCs) will cost you to leave your existing deal, as they could outweigh the benefits of the better rate

  • You’re on a variable rate deal and the Bank of England base rate looks like it will rise soon - remortgaging to avoid increased interest rates may be possible, so long as your ERCs won’t end up costing you more

  • Your home has increased in value dramatically, reducing your LTV

  • Your current lender doesn’t offer the flexibility you would like, such as offsetting or the ability to overpay

  • You’re not tied into a deal that has ERCs to pay so can leave at any time

When it's best not to remortgage

  • If there are no better rates available than your existing one, in which case it’s probably not worth paying the fees involved with remortgaging, especially if you also have ERCs to pay

  • If you’re only a short way into a fairly long fixed period. The further you are from the end of your fixed or introductory rate term, the higher fees are likely to be. It’s unlikely you will benefit from remortgaging at this point, but ERCs tend to decrease the closer you are to the end of the deal

  • Your property value has fallen, causing your LTV to increase, or worse, putting you in negative equity (where you owe more than the current value of your home). If you're in negative equity, it's unlikely you'd be able to secure a remortgage

  • If you haven’t gained much equity in your home yet, as your property value hasn’t increased and you haven’t repaid much of the original loan. Lenders usually have a minimum equity requirement to remortgage

  • Your financial circumstances have changed for the worse, meaning that it would be difficult to qualify for a remortgage. You may still be able to do a product transfer with your existing lender, so long as you don’t want to borrow more

What are remortgage rates?

Remortgage rates vary from one deal to the next and one lender to another, but are usually competitive compared to the SVR (standard variable rate) that you fall onto when a fixed or variable rate introductory period ends.

These are typically among the highest rates offered by lenders, so it's a good idea to look at remortgage quotes around six months ahead of your deal expiry date.

What are current remortgage rates in the UK?

Remortgage rates tend to be bespoke to the applicant, depending on circumstances such as:

  • Financial circumstances

  • Credit score

  • Equity held in property

The cheapest remortgage rates are generally available to those with the greatest equity in their home. Keep up to date with current average mortgage rates and speak to a broker to ensure you secure the best rate for you.

How to find the best remortgage deals

The best remortgage deals are available to those with the lowest LTV (so the greatest level of equity in their home).

However, the cheapest remortgage rates won't always reflect the best deal over all. Remember to also consider fees when calculating the overall cost of switching deals.

Our broker partner Mojo Mortgages has access to the latest rates available, and can carry out a full comparison of remortgage deals across the whole market on your behalf.

What are the fees for remortgaging?

Remortgaging is essentially taking out another mortgage - so most of the fees involved in taking out a mortgage will still apply. This could include any or all of the following:

  • Exit fees to leave

  • ERCs if you leave before the deal end date

  • Arrangement fees

  • Legal fees

  • Valuation fees

Why get a remortgage comparison through Uswitch?

"We had to remortage as our current term was coming to an end. The whole process was so easy and informative, from the first questionnaire through to the appointment and consultation. Felt we were well advised, no pressure selling. Overall a very stress free experience and ended with up a much better deal than we thought we would get."
Trustpilot review, Mojo Mortgages customer - 8th February 2024

Is remortgaging a good idea?

It depends on your circumstances. If you're about to fall onto an SVR, there's certainly still a significant difference in the remortgage and product transfer rates available, compared to staying put. It's a good idea to get some remortgage quotes, to compare your options.

Taking remortgage advice from a qualified broker, like Mojo Mortgages, is highly recommended before making any decisions of this nature.

What are the disadvantages of remortgaging?

There are a few potential disadvantages to remortgaging, although, much like the benefits, your circumstances will have a big impact on whether they impact you, and to what extent:

  • Usually you'll need to pay remortgage fees, which can get costly if you remortgage every 2 or 5 years throughout the full duration of the mortgage - sometimes cancelling out the financial benefits

  • Not everyone is able to remortgage when they want to, as it can be difficult to qualify, especially with current remortgage rates higher than when most people remortgaging at the moment took out their deal. It can also be difficult if your financial circumstances decline

  • Remortgaging can take time, it's often quicker to do a product transfer

  • A new lender may not always be the right fit, especially if you're happy with your existing one

  • If you try to remortgage while still in an introductory or fixed rate period, you may have to pay additional charges know as ERCs

Remortgaging in the current market

If you're concerned that you might not meet the criteria of a new lender, it may be possible to opt for a product transfer instead. This is essentially remortgaging with your existing lender.

Historically lenders didn't reassess finances or credit status on a product transfer unless you borrowed more. However, because of the steep rise in interest rates which began at the end of 2022, they often do.

In fact, for many people, the 14 base rate increases between 2022-23 made remortgaging very difficult. UK remortgage statistics show how significantly interest rate hikes can impact the mortgage market.

What to do if you can't remortgage

In June 2023, The Mortgage Charter was drawn up to assist people struggling with high mortgage costs. It includes the following easements which may help if you're struggling to remortgage:

  • Mortgage holders can switch to interest-only repayments for up to six months to reduce their monthly payments - rates may be more affordable to you after this period

  • Mortgage terms can be extended up to 40 years (for six months)

  • Customers who are up to date with their repayments may product transfer onto a fixed-rate deal with their current lender

  • No affordability checks or credit checks will be carried out to set up these temporary measures

Keep in mind: All options above have the potential to impact your long-term financial circumstances, even if they help in the short term.

Kellie Steedquotation mark
If your mortgage deal is ending within 6 months, speak to a broker to lock in your best rates asap. You're not bound to the new deal until your existing one ends, so the earlier the better.
Kellie Steed, Mortgage Content Writer

Customer Reviews

Rated 4.6 out of 5
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Remortgage FAQs

Can I get a new mortgage with a different lender?

Yes, you can, so long as you are able to meet the criteria.

The process tends to be lengthier than transferring to a new deal with your current lender (a product transfer). Providers sometimes offer better deals to existing customers, but you could save more by remortgaging with a different lender, so it’s worth comparing all the deals available.

How much can I borrow when I remortgage?

When you remortgage your house, you can either borrow the remaining outstanding balance on your mortgage - usually if you're just changing deals for a cheaper rate or to switch to a new fixed remortgage deal because your previous term has ended.

You may also be able to borrow more when you remortgage, but this will depend on your circumstances. Having more equity in your home can make it easier to borrow additional money when you remortgage, but you'll also need to prove you can afford to repay the larger amount.

Why remortgage with a broker?

Remortgage comparisons can be difficult to manage alone, due to the high volume of deals available. Not to mention the fact the every lender has a different set of criteria that you will need to meet. Rates are also changing incredibly quickly in the current market, so deals seen online are not always available by the time you apply.

Mortgage brokers with access to the whole market, like those at Mojo, know which lenders can offer the best remortgage rates for your circumstances. They also have access to deals you won't necessarily see online.

How long does it take to remortgage?

Remortgaging usually takes about a month, which is the time you need to complete all the paperwork and have a valuation carried out on your home. When the process is over, you’ll be notified with a completion statement from your lender.

If you choose to remortgage with the same lender, this is known as a product transfer. Because the lender already has all your details, product transfers tend to be quicker than remortgaging with a new lender. Some lenders offer digital product transfers which can be completed online very quickly.

Will I have to pay an early repayment charge?

If you’re still locked into a mortgage deal, it’s likely you’ll have to pay an early repayment charge (ERC). An ERC is a penalty for leaving your existing mortgage deal early. It’s usually calculated as a percentage of the amount borrowed, which tends to decrease the closer to the end of the deal you get.

Paying an ERC to remortgage before your fixed-rate period comes to an end could take any savings you would make. So make sure you calculate the costs carefully to decide whether it's worth it for you.

Can I remortgage from interest-only to a capital repayment mortgage?

Most lenders won’t need you to remortgage in order to change from an interest-only to a capital repayment mortgage deal with them. In fact, they will usually be happy for you to do this, as it reduces the risk to them.

If you wanted to change from a repayment to an interest-only mortgage your options would be reduced, as not all lenders are happy to offer interest-only mortgages for residential homes. However, you may be able to do so as a temporary option under the mortgage charter.

Will applying for a remortgage affect my credit score?

Mortgage lenders carry out a credit check at mortgage application to decide whether to lend to you. If this is a ‘hard search’, which it typically will be at application stage, it leaves a mark on your credit score temporarily, but this shouldn’t affect it too much.

The real problem is where you make multiple applications to a number of lenders before being accepted. This makes it obvious that you have been declined by others, but also gives the appearance of desperation, which can discourage future lenders from approving your remortgage application.

The best way to avoid this is to speak to a broker who will be able to direct you to those lenders whose criteria you are most likely to meet. 

Will I need to have my house valued when I remortgage?

If you remortgage with a new lender, you will need to have a property valuation. Much like you did when you took out the original mortgage.

If you use a product transfer to remortgage with your current lender, you won’t usually need to have a valuation, however, you may need to if your house has changed significantly in value.

Can I remortgage if I'm self-employed?

Yes, you can. This will typically be easier if you had the same circumstances when you took out your original mortgage, or have been self-employed for a substantial period of time, however.

Self employed mortgage applicants will usually need to demonstrate a lengthier period of stable income than employed applicants, with two to three years of accounts and tax calculations the standard requirement. There are a few lenders who will look at self-employed applicants with as little as 12 months trading history, however.

Can I remortgage with bad credit?

Yes, it’s certainly possible, depending on the level of your credit issue. There are bad credit lenders specifically intended to help people in these circumstances, although the remortgage rates tend to be higher.

If you’re concerned about your credit score, another option is to consider a product transfer. Your existing lender is unlikely to check your credit rating or affordability unless you’re increasing your loan amount or extending the term of your mortgage, so a product transfer can be an easier option. 

How does the LTV of my property affect remortgaging?

Lenders have a maximum LTV that they are willing to offer in any given scenario, depending on how well you meet the other lending criteria and how much you need to borrow.

As lower LTV borrowing is less of a risk to the lender, the interest rates offered tend to be more competitive.

The LTV is the percentage of the total cost of the property that you need to borrow. To calculate it, find out the total outstanding value of your mortgage, your property’s current value and then divide your outstanding mortgage balance by your property’s value:


You have £100,000 left to pay on your mortgage

Your property is worth £200,000

Divide £100,000 by £200,000

= 0.50.5 x 100 = 50 (or 50% LTV)

When you remortgage, the LTV will depend on:

  • How much of the original loan you have repaid

  • Whether your property has increased in value and;

  • Whether you need to borrow more money or are simply remortgaging for a better interest rate

Can I remortgage as an older borrower?

Historically older borrowers have had a harder time remortgaging, especially if they are nearing retirement age, due to the maximum age limits imposed by many lenders.

However, in recent years there has been a noticeable increase in flexibility in this area, with some lenders extending their maximum age of borrower and maximum age by which the mortgage needs to be repaid.

When nearing retirement age, many people reassess their finances, and a large part of this is likely to be looking at their remaining mortgage balance, and how they can live more comfortably in their later years. 

People in these circumstances may consider more specialist products, such as:

  • Remortgaging onto a retirement interest-only mortgage (RIO) - often a helpful option for homeowners likely to fall short of repaying the final lump sum balance on an interest-only mortgage.

  • Remortgage onto an equity release product - always take qualified financial advice from an equity release specialist before considering this type of remortgage.

Will I need to arrange a solicitor or conveyancer when I remortgage?

If you're changing lenders, yes you will - although some lenders offer free conveyancing services as part of your remortgage deal.

A conveyancing solicitor is required for a full remortgage, but not for a product transfer, as the debt will not change hands when you remortgage with the same lender.

How early can I remortgage?

You can, theoretically, remortgage after 6 months of having most mortgages. There is no legal requirement to stay in a deal period, even if you choose a fixed remortgage deal. However, it's weighing up when you can do so without paying a fee that's important.

ERCs (early repayment charges) tend to apply if you leave a fixed length mortgage deal before the end date.

How soon can I remortgage before the fixed-rate ends?

If your deal has a tie in period, whether that's a fixed rate or an initial deal period on a variable rate deal, you'll usually need to pay ERCs in order to leave before it ends.

It is, however, possible select a new deal around six months in advance of that end date. So if you see a cheap remortgage deal, you can lock in that rate and it will automatically begin when your original deal ends. And because you don't leave until it does, you won't have any ERCs to pay.

How does remortgaging work?

When you remortgage, you simply switch your mortgage loan to a different deal. This works by paying off your outstanding balance with the new loan funds, and then repaying the new loan monthly, instead of the old one.

About the author

Kellie Steed
Kellie has a wealth of content writing experience, however, in 2020 took a vested interest in the mortgage industry, and chose to specialise in this area exclusively. Her personal goal is to author the most comprehensive and helpful online guide available for each mortgage type, as well as every customer need, no matter how niche.

Remortgage guides

We have a range of helpful guides available that look at different elements of remortgaging in more detail. You can check these out here:
What are the costs of remortgaging?
What are the costs of remortgaging?
When should I remortgage?
When should I remortgage?
Remortgaging to release equity
Remortgaging to release equity


The FCA does not regulate mortgages on commercial or investment buy-to-let properties.

Uswitch makes introductions to Mojo Mortgages to provide mortgage solutions. Uswitch and Mojo Mortgages are part of the same group of companies. Uswitch Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 312850. You can check this on the Financial Services Register by visiting the FCA website. Uswitch Limited is registered in England and Wales (Company No 03612689) The Cooperage, 5 Copper Row, London SE1 2LH. Mojo Mortgages is a trading style of Life's Great Limited which is registered in England and Wales (06246376). Mojo are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215) Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH. To contact Mojo by phone, please call 0333 123 0012.