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

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Halifax 2
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How to remortgage

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Should you remortgage?

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Remortgage to save money

According to recent mortgage statistics, almost 30% of gross mortgage advances in 2022 were given to those remortgaging. The main reason for remortgaging is to save money. If you’re on a fixed rate mortgage, once the initial rate ends, you will move onto your lender’s Standard Variable Rate (SVR), which will usually be more expensive than your current rate. Switching to a new mortgage deal at this point can help lower your mortgage costs.

House SVG
Remortgage to borrow more

Alternately, you might want to remortgage to borrow money. As you pay off your mortgage, the equity you have in your property increases, and this equity can be released via a remortgage. The cash that is released can be used, for example, to fund home improvements or to consolidate existing borrowing.

woman remortgage

What are the fees for remortgaging?

The fees will depend on the circumstances of your remortgage. Common remortgaging fees include:

  • Arrangement fees
  • Booking/reservation fees
  • Legal fees
  • Exit fees
  • Early repayment charges (if leaving your existing deal early)

When deciding whether to remortgage, you should work out all the additional fees you’ll need to pay and make sure they won’t outweigh the savings you’ll make by remortgaging.

Can I get a remortgage deal?

You will need to compare mortgages to work out the best rate available to you. What type of remortgage deal you get will depend on other factors, such as:

  • How much equity you have in your home

  • Whether your income has changed

  • Whether you are trying to borrow more or downsize

What are remortgage rates?

The more equity you have in your home, the more security you will be putting forward. This means you can expect a better interest rate because you are seen as less of a risk in terms of paying back the mortgage. You need to compare interest rates, which you can do using the APR. Mortgage rates have been at historic lows, so it’s worth looking at comparing remortgage rates.

Claire Flynnquotation mark

If your current deal is due to expire within the next six months, you should start thinking about remortgaging now in order to lock in a new rate. Speak to a mortgage broker who can look at the whole of the market to find the best deal for you and your circumstances. ”

Claire Flynn, Senior Content Editor - Mortgages

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

Find out more about remortgages in our expert guides. We cover information on buying and selling property, mortgage eligibility, costs, and more.

Is remortgaging worth it?

Remortgaging to a new deal and new lender can save you lots of money if done at the right time. You should watch out for early repayment charges and exit fees.

Finding the best buy to let mortgage

A buy to let (or BTL) mortgage in the UK allows you to borrow money to purchase a property that you can rent out. You can find and compare buy to let mortgages with Uswitch.

Fixed rate vs. variable rate mortgages

Which mortgage is best for you? Read our guide to fixed rate vs standard variable rate mortgages and what mortgage interest rates mean.

Can you pay off your mortgage early?

Is paying a mortgage off early always a good thing? We explain what your options are, and the benefits if you want to clear your mortgage ahead of time.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Remortgage FAQs

Last updated: 16th November 2022