Remortgaging
Why are you looking for a mortgage?
Platform 2 year fixed cashback mortgage
Repayment mortgage of £160,000 over 25 years, representative APRC 3.8%. Repayments: 26 months of £599.38 at 0.95% (fixed), then 274 months of £849.80 at 4.34% (variable). Total amount payable £249,928.08 which includes interest of £88,429.08. Product Fee (£1,499) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Scotland
Are resident of Wales
Are older than 18 years
Max age at term end: 75 years
Minimum income £15,000
Available via brokers only.
Additional criteria may apply.
The Cumberland 2 year fixed remortgage
Repayment mortgage of £160,000 over 25 years, representative APRC 3.7%. Repayments: 24 months of £601.55 at 0.98% (fixed), then 276 months of £831.58 at 4.09% (variable). Total amount payable £245,952.28 which includes interest of £83,953.28. Arrangement Fee (£1,999) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Scotland
Are older than 18 years
Available Direct.
Remortgage only.
Available in branch only. Area restrictions may apply.
Additional criteria may apply.
The Cumberland 2 year fixed remortgage
Repayment mortgage of £160,000 over 25 years, representative APRC 3.7%. Repayments: 24 months of £601.55 at 0.98% (fixed), then 276 months of £831.58 at 4.09% (variable). Total amount payable £245,952.28 which includes interest of £83,953.28. Arrangement Fee (£1,999) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Scotland
Are resident of Wales
Are older than 18 years
Available Direct.
Remortgage only.
Available in branch only.
Additional criteria may apply.
Nationwide 2 year fixed cashback remortgage
Repayment mortgage of £160,000 over 25 years, representative APRC 3.3%. Repayments: 24 months of £602.27 at 0.99% (fixed), then 276 months of £791.73 at 3.59% (variable). Total amount payable £234,470.96 which includes interest of £72,971.96. Product Fee (£1,499) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Scotland
Are resident of Northern Ireland
Are resident of Wales
Are older than 18 years
Available Direct.
Max age at term end: 75 years
Remortgage only.
Additional criteria may apply.
TSB 2 year fixed cashback remortgage
Repayment mortgage of £160,000 over 25 years, representative APRC 3.2%. Repayments: 26 months of £602.27 at 0.99% (fixed), then 274 months of £790.31 at 3.59% (variable). Total amount payable £233,698.96 which includes interest of £72,203.96. Product Fee (£1,495) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Scotland
Are resident of Wales
Are older than 18 years
Max age at term end: 75 years
Remortgage only.
Available via brokers only.
Additional criteria may apply.
TSB 2 year fixed remortgage
Repayment mortgage of £160,000 over 25 years, representative APRC 3.2%. Repayments: 26 months of £602.27 at 0.99% (fixed), then 274 months of £790.31 at 3.59% (variable). Total amount payable £233,698.96 which includes interest of £72,203.96. Product Fee (£1,495) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Scotland
Are resident of Wales
Are older than 18 years
Max age at term end: 75 years
Remortgage only.
Available via brokers only.
Additional criteria may apply.
TSB 2 year fixed remortgage
Repayment mortgage of £160,000 over 25 years, representative APRC 3.2%. Repayments: 26 months of £602.27 at 0.99% (fixed), then 274 months of £790.31 at 3.59% (variable). Total amount payable £233,698.96 which includes interest of £72,203.96. Product Fee (£1,495) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Scotland
Are resident of Wales
Are older than 18 years
Available Direct.
Max age at term end: 75 years
Remortgage only.
Additional criteria may apply.
Nationwide 2 year fixed remortgage
Repayment mortgage of £160,000 over 25 years, representative APRC 3.3%. Repayments: 24 months of £602.27 at 0.99% (fixed), then 276 months of £791.73 at 3.59% (variable). Total amount payable £234,470.96 which includes interest of £72,971.96. Product Fee (£1,499) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Scotland
Are resident of Northern Ireland
Are resident of Wales
Are older than 18 years
Available Direct.
Max age at term end: 75 years
Remortgage only.
Additional criteria may apply.
Hinckley & Rugby Building Society 2 year discount cashback remortgage
Repayment mortgage of £160,000 over 25 years, representative APRC 4.8%. Repayments: 24 months of £602.27 at 0.99% (discount), then 36 months of £843.85 at 4.24% (discount), then 240 months of £968.51 at 5.89% (variable). Total amount payable £277,974.48 which includes interest of £117,275.48. Arrangement Fee (£199) paid upfront. Completion Fee (£500) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Wales
Are older than 18 years
Max age at application: 80 years
Max age at term end: 85 years
Minimum income £10,000
Remortgage only.
Available via brokers only.
Additional criteria may apply.
Santander 2 year fixed remortgage
Repayment mortgage of £160,000 over 25 years, representative APRC 3%. Repayments: 26 months of £603.00 at 1% (fixed), then 274 months of £771.76 at 3.35% (variable). Total amount payable £228,389.24 which includes interest of £67,140.24. Product Fee (£1,249) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Scotland
Are resident of Northern Ireland
Are resident of Wales
Are older than 18 years
Max age at term end: 75 years
Remortgage only.
Available via brokers only.
Additional criteria may apply.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Guide to remortgaging
Last updated: 7 May 2021
Remortgaging is the process of repaying an existing mortgage debt with a new mortgage. This is typically done to save money by paying a lower interest rate, or to raise money by borrowing against equity built up in the property. Either way, the aim is to find the best remortgage deal.
Why do people remortgage?
There are many good reasons to consider switching to a remortgage deal. The two most popular reasons why people choose to remortgage are:
Most fixed rate and variable rate mortgages impose hefty fees if you pay them off early. So most people look to switch to a remortgage deal once their existing deal comes to an end and they have been moved on to their lender’s often uncompetitive standard variable rate (SVR). However, if interest rates fall a lot, it’s worth carrying out a remortgage comparison and looking at the best remortgage deals to see if you can save money even after paying early repayment charges.
Can I remortgage my house?
Anyone with an existing mortgage can look into remortgaging - provided they - and their property - meet the criteria set by their potential new mortgage lender. You can choose to remortgage with the same lender; just contact your current mortgage lender and ask what remortgage deals are available to existing customers. Or you can compare current rates to find the best remortgage deals.
Remortgaging can often make a big impact on your monthly outgoings - you could, for example, save more than £75 a month by negotiating down a £75,000, 25 year repayment mortgage from 3.5% to 1.5%.
It’s usually particularly worthwhile if you’ve come to the end of a fixed-rate period, or your discounted deal is coming to an end. While you can stay with your existing mortgage provider, you will probably be put on their standard variable rate (SVR), which is rarely the best deal around.
When should I remortgage?
When your current mortgage deal comes to an end, you may have to make much higher repayments. It’s therefore best to start looking at other offers just 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 deals.
You may need to watch out for an early repayment charge, which is a penalty for leaving your current mortgage deal early - usually a percentage of the amount borrowed. Sometimes a remortgaging deal can make up for the early exit penalty, but it’s worth calculating how much you would have to pay over the remainder of your mortgage if you stay in your current deal versus switching to a remortgage deal (see below ‘Will I have to pay remortgage fees?’).
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 conducted on your home. When the process is over, you’ll be notified with a completion statement from your lender.
Will I have to pay remortgage fees?
One of the most important things to check if you’re thinking about remortgaging is how much it will cost you to change lenders. If you’re still locked in to your existing mortgage, you’ll probably have to pay an early repayment charge or ERC. This could amount to a few months’ interest, so it’s important to check, as it could negate any savings you make by switching to a cheaper remortgage deal. Many mortgage companies also charge a standard fee for closing down a mortgage account, which is known as an exit fee.
Other costs to bear in mind include the booking and arrangement fee for your new remortgage deal, as well as any legal and valuation fees. Arrangement fees alone often come to more than £1,000, especially on the best remortgage rates and deals. Advisers and mortgage brokers may also add a fee for their services in helping you secure a cheap deal so it can be worthwhile to use our remortgage calculator and compare remortgage options.
How do I find the best remortgage deals?
When you’re looking to remortgage, you’ll need to have an idea of:
You also need to decide why you want to remortgage, for example to save money or to release equity so you can use the cash for something else. Once you have this information to hand, use our remortgage calculator to compare the best remortgage deals on the market. Then all you have to do is choose which type of remortgage deal best suits your situation. The main options are:
Use our remortgage calculator
You can use a remortgage calculator to compare deals and work out how much you can borrow on a remortgage deal. You can see the difference between the cost of your current deal and the lowest interest rate remortgages, and work out how much you can remortgage your house for. Check out our mortgage calculator to work out your LTV and compare current remortgage rates and how they will affect your monthly repayments.
Uswitch is authorised and regulated by the Financial Conduct Authority (FRN 312850) to provide this mortgage comparison service.
Uswitch services are provided at no cost to you, but we may receive a commission from the companies we refer you to.