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Remortgage deals

Finding the right remortgage can be a challenge...

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Compare remortgage rates from over 90 lenders across the whole of the market

Mojo Mortgages is our award-winning broker. Their expert advisers can look across the market to find the best remortgage deal for you.

NatWest 2
Barclays 2
nationwide 2
Royal bank of Scotland 2
Halifax 2
Accord Mortgages 2
Santander 2

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

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 your mortgage on your current property. You can switch your mortgage to a different product with your existing lender - known as a product transfer, or select another mortgage product with an entirely different lender - which is a full remortgage.

There are a wide variety of reasons that people may choose to remortgage their home, but the most common is to save money with a more competitive deal. You can also remortgage if you want to borrow more money, using the equity in your home as a deposit.

Why might I want to remortgage?

Remortgage to save money

You could make both short and longer term savings by remortgaging if:

1. You're on your lender’s standard variable rate (SVR) of interest

This is usually higher than all other deals they have available, so people often look at the best remortgage deals available to them if they've fallen on this rate.

2. You've gained equity in your home

If you've gained a substantial level of equity in your home, the loan to value (LTV) ratio of your borrowing will have reduced. This means that you're borrowing a smaller percentage of the property value than when you took out the mortgage.

As the best remortgage rates tend to be available to those with the lowest LTV, this can be a good time to look at your options.

3. Interest rates are increasing

If you're on a variable rate deal and increases to the Bank of England base rate are expected, you may feel the need for more stability with your repayments.

Remortgaging to a fixed-rate mortgage can give you more peace of mind, as the interest rate you lock in cannot then increase until that fixed-rate period is over.

4. You want more flexibility with mortgage payments

One way to save money on your mortgage in the longer term is to repay it more quickly, as this reduces the total amount of interest you'll pay over the mortgage term. Some mortgages allow overpayments of up to 10% of the loan per year without charging ERCs (early repayment charges).

If you want to overpay more than that, you might consider remortgaging to a deal with more flexible terms. An offset mortgage can also help you to pay your mortgage off sooner

Remortgage to borrow more

Some people remortgage to increase their borrowing, which can be helpful in a wide variety of circumstances:

  • To carry out home improvements

  • To pay for the costs of education or help get family members onto the property ladder

  • To consolidate debts

  • For large purchases, such as a car or holiday

Keep in mind that this is not always the cheapest way to borrow money, however. While mortgage interest rates can be lower than personal loan rates, you'll pay interest on that additional balance for the entire length of your remaining mortgage term.

Can I get a remortgage deal?

Whether or not you can get a remortgage deal will depend on your current circumstances. If you’re looking to remortgage with another lender, the same eligibility requirements will apply as when you took out your original mortgage: 

  • Affordability

  • Credit status

  • Age

  • Property type

  • LTV - this will depend on the equity you have in your home, but some lenders allow you top up a shortfall in equity with a cash deposit

If you’re concerned that you might not meet the criteria of a new lender, it may still be possible to get a product transfer with your existing lender without the need to have your finances and credit status reassessed. But if you need to borrow more money, it's unlikely your lender will do so without re-assessing.

When should I 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 the fees for remortgaging?

Remortgaging is essentially taking out another mortgage, so most of the fees involved in taking out a mortgage will still be payable. This includes arrangement fees and legal fees, as well as the potential for exit fees and ERCs on your existing mortgage. 

Some lenders offer various incentives, such as low fee or fee free remortgages, however, it’s really important to look at the full cost of remortgaging and how much you would save, compared to staying on your existing deal.

Why remortgage with Uswitch?

"Uswitch has saved me the most money on my mortgage. In just the last two years alone I’ve saved around £1,800 just by choosing a better mortgage provider. My mortgage used to be with Halifax at £550 per month, but I switched to Metro Bank for £499 a month, saving me £51."
Saurabh Kapoor, Birmingham

What are remortgage rates?

Remortgage rates vary from one deal to the next and one lender to another. The best remortgage rates will be offered to those with the lowest LTV (so the greatest amount of equity in their home). 

This means that you're likely to find more favourable rates when changing deals to save money, as when you remortgage to borrow more, your LTV typically increases.

How to access the best remortgage rates

It’s difficult to compare remortgage rates online, as the mortgage market is highly volatile, so rates change very quickly - here is an overview of today's mortgage rates.

A whole of market broker will be up to date with all the latest and best remortgage deals available, as they have direct access to lenders rates, as well as some that won’t be available to the general public.

How can I improve my chances of being accepted for a remortgage deal?

It’s a good idea to make sure that you apply at a time where your circumstances are likely to align with lender criteria. For example, if you’ve recently lost your job, or property prices have fallen and your LTV has gone up as a result, it may be better to hold off, if possible.

Like any other mortgage application, you’re more likely to be approved for a remortgage when your financial circumstances allow you to meet the affordability requirements, your credit file is in good shape, and you have a low debt to income ratio. It will also help if you have a good level of equity in your home, and/or can offer additional security in the form of a deposit or high value asset.

Kellie Steedquotation mark
If your mortgage deal is ending within the next six months, it's worth looking at remortgaging options now. This is because you can lock in a new rate and switch when your current deal ends, avoiding an ERC. Speak to a mortgage broker who can look at the whole of the market to find the best remortgage deal for you.
Kellie Steed, Mortgage Content Writer

Remortgage FAQs

Last updated: 5 June 2023

Uswitch is not a mortgage intermediary and 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, and head office is WeWork No. 1 Spinningfields, Quay Street, Manchester, M3 3JE. To contact Mojo by phone, please call 0333 123 0012.