Compare our best remortgage deals

Mortgage eligibility depends on a number of factors, including loan to value, outgoings, salary, and debt to income ratio. If you're remortgaging, it can be easier to get a mortgage as you will have already met the eligibility criteria the first time round.

However, if you've had a significant change in your circumstances since you took our your mortgage, you might have trouble. Say your outgoings have increased or you've lost your job. In which case, you may no longer pass affordability tests for your remortgage. People in this situation are known as mortgage prisoners, as they are unable to remortgage onto a cheaper deal.

If you're remortgaging to save money, it's best to start looking at offers a few months before your deal comes to an end, so that you can make a smooth transition to a new deal. However, it’s always good to keep an eye on the market to make sure you get the best remortgage deal for you.

To get the best rate, you can:

- Wait until your deal is due to end to avoid paying an early repayment charge

- Pay off more of your mortgage so you're on a lower LTV band - if you're close to the next LTV band, e.g. you have an 87% LTV, waiting until your loan to value reaches 85% will unlock cheaper rates and better deals

- Watch out for fees - sometimes the lowest interest rate includes hefty fees. You should take care to calculate your savings and make sure these won't be undone by large fees

When you remortgage with Uswitch, you'll be taken to our expert broker partner's site. We work with trusted, whole-of-market online brokers who are on hand to help you select the right deal for you and handle all the paperwork. They won't charge you a fee and can take the stress out of the remortgaging process for you.

Remortgaging usually takes about a month, which is the time you need to complete all the paperwork and have a valuation conducted 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 to a new lender. Some lenders offer digital product transfers which can be completed online in 15 minutes!

If you’re still locked in to a mortgage, you will likely have to pay an early repayment charge or ERC. An ERC is a penalty for leaving your existing mortgage deal early; it is usually calculated as a percentage of the amount borrowed.

Remortgaging before your fixed rate period comes to an end could negate any savings you would make, so make sure you calculate your mortgage payments carefully to decide whether it's worth it for you.

When you’re looking to remortgage, you’ll need to have an idea of the estimated value of your home, the amount you want to borrow, your annual income, and how much you owe on your current mortgage.

Once you have this information to hand, answer some questions and use our remortgage calculator to compare the best remortgage deals on the market. Once you have your results, compare the monthly cost, the initial rate, and any fees across the deals. You can then work out the difference between the cost of your current deal and the lowest interest rate remortgages.