Skip to content
Did you know your browser is out of date?
To get the best experience when using our website we recommend that you upgrade to the latest version of one of these browsers.

Remortgages

Compare remortgage deals

A new way to remortgage

  • Compare remortgage rates clearly
  • Only see mortgages relevant to you
  • Compare against your current lender
House illustration

What is a remortgage?

Remortgaging happens when you change the mortgage you currently have on your property, either by switching it to a new lender, or by moving to a different deal with your existing lender. It can be a good way to find lower interest rates and better mortgage terms.

Clipboard illustration

Remortgage Eligibility

We’ll ask you six quick questions to help us find the most relevant deals for you, while you can also answer a further set of questions so we can avoid showing you products you won’t be eligible for.

Reasons you may want to remortgage

There are a number of reasons you might want to remortgage your home, including:

Watch illustration

Your current deal is about to expire

When your current mortgage deal ends, you’ll be put on the provider’s SVR, which is usually higher. Remortgaging can help you stay on a better interest rate

Stack of coins illustration

You're on a high interest rate

If you’re on a variable rate mortgage, a rise in the Bank of England base rate can increase your mortgage payments. If you remortgage you could find a more competitive fixed rate deal

House equity illustration

Equity release

You can also release equity from your property to pay for home improvements or paying other debts

Payment illustration

Mortgage overpayments

You might find a provider that lets you overpay your mortgage by more than your current one

Increased property value illustration

Increased property value

If your property value has increased, your lower loan-to-value might help you qualify for better interest rates

Compare mortgages from over 90 lenders, covering the whole of the market

company logo for Yorkshirecompany logo for HSBCcompany logo for lloyds tsbcompany logo for Barclayscompany logo for Post officecompany logo for Halifaxcompany logo for Natwest

Mortgage repayment and overpayment calculators

Our mortgage calculator can help you get a better idea of how much you can afford to borrow, and how much your mortgage will cost you in monthly repayments. You’ll also be able to see the total cost of your mortgage once the interest has been added.  

If you want to see how your existing mortgage repayments would be affected by a one-off lump sum payment or increased monthly repayments, our overpayment calculator shows how much you could save in interest payments. Just make sure to read your lender’s repayment terms to check if overpayments are permitted.

And if you’re interested in finding out the average minimum deposit needed for a mortgage across the UK, visit our mortgage deposit deficit guide

Calculator illustration

Remortgaging happens when you change the mortgage you currently have on your property, either by switching it to a new lender, or by moving to a different deal with your existing lender.

The amount you’ll be able to borrow when you remortgage will depend on your own financial situation. Lenders will look at your income and expenditures as well as your credit report to get a picture of your finances, and they’ll lend you what they believe you’ll be able to pay back.

The main cost of your remortgage will be decided by the interest rate your lender sets. They’ll usually decide this by considering the following factors:

  • Your loan to value
  • Your credit history

You should always factor in the fees you’ll need to pay before remortgaging, which can include:

  • Arrangement fees: most mortgages have arrangement fees which can cost up to £2,000.
  • Legal fees: you might also have to pay for a solicitor to take care of any legal matters if you’re looking to remortgage with a different lender.
  • Admin fees: the lender might charge for the cost of setting up your remortgage.
  • Valuation: you’ll need to have your property valued so the lender can see if it’s worth the amount you’re remortgaging for.

You’ll likely find the same options as if you were taking out a first mortgage when remortgaging. The most common remortgage deals include:

Remortgaging with a fixed rate deal

A fixed rate mortgage is when the interest rate stays the same for a set amount of time. This can be a good option if you want peace of mind that your repayments will stay the same each month. Most fixed rate deals run for between two and five years, although some are longer.

Fixed rate mortgages are the most popular mortgage type for people looking to remortgage, according to MoneySuperMarket mortgage comparison quote searches from January 2016 – July 2018.

Remortgaging with a tracker deal

Tracker mortgages have variable rates that track the Bank of England base rate at a set percentage above or below it.

If the Bank of England’s base rate rises or falls, the interest you pay on your monthly mortgage repayments will do the same. This can be good when rates are falling, but you’ll need to be sure you could afford your repayments if rates went up.

70% of consumers looking for a tracker mortgage are remortgaging, according to MoneySuperMarket data January 2016 – July 2018.

 94% of people looking to remortgage are looking for a fixed rate mortgage
 Types of tracker mortgage

Other mortgage types to consider

Other mortgage types you might want to consider if you’re looking to remortgage include:

  • Capped rate mortgage: a capped rate mortgage is a variable rate mortgage, but there is a limit to how high the rate can go. This can be useful if you want a variable rate mortgage, but also want to avoid unaffordable payments if the rate rises.
  • Discounted mortgage: a discounted mortgage is another type of variable rate mortgage which offers a discounted rate on the lender’s SVR for a certain period of time.
  • Offset mortgage: an offset mortgage helps to reduce the overall interest you pay by offsetting your savings against the outstanding balance of your mortgage. But this does mean you won’t be gaining any interest on your savings during the deal.

Fixed rate mortgages have an interest rate that stays the same for a set period. This could be anything from two to 10 years. Your repayments are the same every month and you don't need to fear fluctuations in interest rates. Most will charge you a penalty - known as an early repayment charge (ERC) - if you choose to leave the deal before the end of the fixed term.

Interest rates adjust periodically with a variable rate mortgage, which means repayments may change throughout the loan term. Usually, the interest rate changes in relation to another rate - the Bank of England's base rate is very influential on variable interest rates, as is the base rate of each lender.

For standard variable rate (SVR) mortgages, each lender has an SVR that they can move when they like. In reality, this tends to roughly follow the Bank of England's base rate movements. SVRs can be anything from two to five percentage points above the base rate – or higher – and they can vary massively between lenders.

The other type of variable mortgage is a discount mortgage. Rather than being linked to the Bank of England base rate, discounts are linked to the lender's standard variable rate (SVR). For example, if the SVR is 4.50% with a discount of 1%, the payable mortgage rate is 3.50%. If the SVR rose to 5.50%, the pay rate would rise to 4.50%.

The problem with discounts is that SVR changes are at the lender's discretion so your mortgage payments could change even if there has been no alteration in the Bank of England base rate. What's more, even if the SVR changes following a move in the base rate, there is no guarantee that it will increase or decrease by the same amount.

As a result, trackers are usually seen as more transparent than discounted deals and are often seen as being fairer for the borrower.

When the base rate fell from 5.00% to 0.50% between October 2008 and March 2009, for example, Lloyds TSB was the only top 20 lender to reduce its SVR by the full 4.50%. All the others cut their rates by less.

When the Bank of England raised the base rate from 0.25% to 0.5% in November 2017, anyone who wasn’t on a fixed rate mortgage was at risk of seeing their repayments increase. A number of leading mortgage lenders followed and increased their tracker and/or SVR rates a month later.

Most mortgage deals carry arrangement fees, which can vary from a few hundred pounds up to a couple of thousand.

Also bear in mind that these set up costs can sometimes be made up of two fees. An increasing number of lenders charge a non-refundable booking fee, which is effectively a product reservation fee. If your house purchase falls through and you don’t end up taking the mortgage deal, you won’t get this fee back.

The second type of fee is an arrangement fee which you pay on completion of the mortgage so you won't have to pay it if, for any reason, you don't take the mortgage.

Calculate how early you could pay off your mortgage. But make sure you read our mortgage overpayment guide first, as overpaying isn’t the right move for all homeowners.

Mortgage overpayment calculator

Remember to always factor these into the overall cost of any deal. Even if a lender is offering a seemingly unbeatable rate, steep fees could mean that it actually works out to be more cost-effective to opt for a higher rate, but with a much lower fee, or no fee at all.

The best mortgage rate for you depends on how much you are looking to borrow. A high fee is often worth paying in order to secure a low interest rate if you are applying for a large mortgage. But those with smaller mortgages could be better off opting for a higher rate and lower fee.

However, while this is the general rule, it is well worth crunching the numbers when you are comparing mortgages - you need to work out the total cost over the term of the deal. For example, if you are going for a two-year fix you need to work out the cost of your repayments over the term. You can do this by finding out what the monthly payment will be using our mortgage calculator – and then multiply by 24. You then need to add on the arrangement fee to find out the total cost.

You will likely find that you have more mortgage deals available to choose from if you have a good credit history, so it’s worth making sure that your credit report is as good as it can be before applying for a mortgage. Steps like paying off any outstanding borrowed credit you owe and making sure your current address is on the electoral role can help to improve your credit score.

The more money you can save as a deposit, the less you’ll need to borrow as a mortgage loan – and having a bigger deposit can help you get access to more competitive mortgage rates. Lenders will often have a maximum loan to value they’re prepared to offer you, and the rest will need to be made up with either a deposit or an equity loan like the government’s Help to Buy equity loan scheme.

Using a mortgage comparison tool can help to give you a better idea of how much you’d need to pay in monthly costs and interest, the duration of the deal, the maximum LTV and any product fees you may need to pay for the mortgage deals available based on your borrowing requirements. It’s important to remember though that the actual mortgage deals you’re offered when you go to make an application may differ because they will then be influenced by your financial situation and credit history.

Get free mortgage advice, and see deals from the whole of the market, with broker London & Country. Call free from your landline or mobile on 0800 170 1943 any day.

Read more about London & Country

With around 4.5 million adult children living at their parents’ house, the Hotel of Mum & Dad is a major part of British life.

In most cases, the situation arises out of necessity. Rents are sky-high, and getting on the housing ladder is notoriously expensive in many parts of the country, so children have little choice but to return to the family home.

But that in itself brings its own pressures and concerns for parents and their offspring. What are the additional costs of having another person under the roof? How do family members get along on a day-to-day basis when they might have different schedules, responsibilities and preferences?

We’ve explored these and related issues in a survey of what is undoubtedly the biggest hotel chain in the UK. And we’ve built an interactive calculator so that parents and children alike can work out how much they’re spending or saving by being in their own Hotel of Mum & Dad.

Check in here

Can't find what you're looking for? Try looking at our news, views and in-depth mortgage guides

Mortgage Guides - Mortgage Providers - News & Views

MoneySuperMarket gives you lots of clever ways to save a lot, by doing very little.

  • Take control of your credit score by checking and improving it for free with Credit Monitor
  • Never overpay again with Energy Monitor, our energy monitoring service
  • Over 50 ways to Get Money Calm

So how do we make our money? In a nutshell, when you use us to buy a product, we get a reward from the company you’re buying from.

But you might have other questions. Do we provide access to all the companies operating in a given market? Do we have commercial relationships or ownership ties that might make us feature one company above another?

We commit to providing you with clear and informative answers on all points such as this, so we have gathered the relevant information on this page.