These are indicative figures only and may not represent all the costs associated with each product. For more information speak to one of our remortgage brokers on 0808 296 3424.
Best Remortgage Deals and Remortgage Rates UK
Time to find a remortgage deal? Here you can learn all about remortgaging: how it works, when it’s a suitable option, the remortgaging process, the benefits, the potential issues and more. You can also compare the best remortgage rates on the market and find answers in our FAQs.
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Compare Remortgage Rates and Deals UK
Compare the best remortgage rates and cheapest remortgage deals currently on the market with our remortgage comparison tool below. You can tailor it to your own needs to show you relevant mortgage deals with access to over 120 hundred lenders, including the best variable and the best fixed rate mortgage products.
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Remortgage Calculator
This is not a quotation under the Consumer Credit Act. Figures are subject to validation of income, credit checks and a property valuation.
Results:
| Current monthly payment: | |
| New monthly payment: | |
| Potential monthly saving: | |
| Potential annual saving: |
Your savings could be…
Calculating your savings
How is this calculated?
Our remortgage calculator works out how much you could save each month on a remortgage by comparing the details of your current mortgage-such as the outstanding balance, years remaining and interest rate-with your potential new mortgage
Next Steps
Speak to our team for a free consultation and more advice on what you can borrow.
What Is Remortgaging and How Does It Work?
Remortgaging is the process of changing your mortgage on your existing property to a new one, switching from one mortgage lender to another. This new mortgage takes the place of the previous mortgage you had on the property. Many homeowners choose to remortgage when coming to the end of their existing rate, looking for better mortgage deals or planning to borrow more money against a property.
When is remortgaging suitable?
Why Use a Remortgage Broker like John Charcol?
Remortgage Process
1. First call
When you contact us, we’ll arrange an appointment with one of our remortgage advisers – this can be over the phone, via video chat, or in person. Your adviser will ask you some questions and, once they have all the necessary information, they’ll search for the best mortgage to suit your current and future needs. They’ll then organise a follow-up appointment to discuss their recommendation with you.
2. Decision in Principle
After your remortgage adviser has presented their recommendation and you’re happy to proceed, they’ll work on securing your DIP (Decision in Principle). A DIP is a promise from the lender to loan you the money, provided the information you’ve supplied is accurate and subject to a valuation of the property.
3. Pre-application and submission
Once we’ve helped secure your DIP, we’ll start to prepare your mortgage application. We’ll send you a pack that explains all the different documents the lender needs. You’ll be assigned a client relationship manager who’ll go through your documents and get everything ready for submission. Your adviser will then submit your full mortgage application.
4. Lender underwriting and valuation
The lender will carry out a process called underwriting, where they review all the information and documents you’ve provided. They’ll also instruct a mortgage valuation on the propert – see our guide to mortgage valuations – to make sure there are no significant problems with it. Sometimes a lender will only instruct a desktop valuation – rather than a physical inspection.
5. Mortgage offer
Following a successful underwriting process and valuation, the lender will accept your application and send you a mortgage offer. They’ll also send a copy to us.
6. Conveyancing
After you’ve accepted the mortgage offer, you’ll proceed to the conveyancing stage. This is where a solicitor handles all the legal paperwork required to transfer your mortgage from one lender to another. Learn more about when you’ll need a solicitor for your remortgage application in our guide.
7. Completion
Finally, once you’ve signed all the necessary paperwork, your solicitor will set a date to draw down the new funds to clear the outstanding balance with your current lender. Any surplus funds will be transferred to you. This stage is known as completion.
Is Remortgaging a Good Idea?
At John Charcol, we understand that securing the right life insurance policy is an essential part of your financial planning. To help you through this process, we’ve outlined the key steps to finding a policy that best suits you.
What Remortgage Fees Are There and How Much Do They Cost?
When you remortgage a property, there are sometimes fees including lender fees, conveyancing fees and valuation fees. Some lenders may offer conveyancing and valuations for free as part of your remortgage deal.
Average remortgage fees and costs
| Lender’s Product Fee | Valuation Fees | Legal Fees |
|---|---|---|
| £0 – £1,499* | £0 – £1,500* | £0 – £500 (Plus VAT)* |
In addition to offering our expert remortgage advice, we can also help you organise additional services like insurance and conveyancing to get you the best deal. Get quotes below!
Get a Life Insurance Quote
Life insurance protects you, your family and your home, including if you’re unable to meet your financial obligations due to illness, accident or even death. Get a quote now.
Get a Conveyancing Quote
If you’re purchasing a property, you’ll need a conveyancer. Luckily, John Charcol can refer you to an experienced conveyancer that suits your budget and timeline.
Remortgages FAQs
How long does remortgaging your home take?
Remortgaging takes 4 – 8 weeks on average. It can take slightly less or slightly more, depending on your circumstances and needs. Providing clear, accurate and relevant documents when required can help speed up the process.
If interest rates fall during the application process, you can ask your broker about switching to one of the lender’s lower rates.
Why should I remortgage?
Remortgaging can help you save money on your mortgage. When you take out a mortgage, you’ll usually benefit from a special introductory period. After this ends, your monthly payments may increase. Remortgaging gives you the opportunity to secure a better deal and switch to a lower rate.
Remortgaging your home can also be a way to release equity, allowing you to use the funds for purposes such as a wedding, purchasing a new vehicle, or putting down a deposit on another property.
Who is offering the best remortgage rates?
There are many high street lenders, as well as specialist lenders that work exclusively with brokers. The best deal for you will depend on your individual circumstances. To find the most competitive rates, speak to a remortgage broker who can review all the options available.
What remortgaging deals are available?
With John Charcol, you can find the latest rates from all types of mortgages available from lenders. Your remortgage adviser will help you decide whether to choose a repayment mortgage or an interest-only remortgage. They’ll also help you figure out whether to opt for a fixed rate remortgage or a variable rate remortgage.
Do I have to get my house valued if I remortgage?
You’ll need to get your house valued if you’re switching lenders; this could involve either a desktop valuation or a physical inspection. However, if you’re completing a product transfer with your current lender, a valuation is not required.
How soon can you remortgage before fixed rate ends?
You can start arranging your new mortgage up to 6 months before your current fixed rate ends. If it’s ready early, your solicitor can wait until any ERC period passes before taking the final steps to put it in place.
Remortgaging early, so you leave your currrent fixed rate before it ends and switch to a new deal, is possible however it’s likely you’ll face ERCs which can make doing this expensive.
Can I raise money on my current property to buy another house?
Remortgaging can be a way to raise funds to buy another property, whether it’s a second home, holiday let or buy-to-let. These funds can form part or all of the deposit on another property or, if you raise enough, you can buy the property outright with cash. You’ll need to declare to HMRC and/or your lender(s) which property will be your new main residence.
If you want to release equity from your existing property to buy another and convert your existing property into a buy-to-let at the same time, you’ll go through a process called let to buy.
Will having bad credit affect my remortgage options?
Having bad credit will limit your choice of lenders, depending on the extent of the bad credit and how recent it was. If you have significant credit issues, you might need to use a specialist adverse credit lender.
Can remortgaging help me pay off debt?
Remortgaging can help you pay off your debt in the sense that it can allow you to consolidate multiple debts – such as car, unsecured personal loans or credit card balances. The new mortgage that you would take out would need to be for an amount that’s higher than the amount remaining on your current mortgage. This would enable you to release some equity you could use to pay off debts.
It’s important to note that remortgaging to consolidate debts can sometimes result in you paying more overall as, although mortgages have lower interest rates than a lot of other loans, they come with longer terms which means you earn and pay interest for a longer period.
Nevertheless, this may be a suitable option for you if your current debts have high interest rates or you need to pay them off soon.
How does remortgaging for home improvements work?
Remortgaging can be a way for you to borrow some extra money to fund home improvements. Essentially, you borrow more on the new mortgage than the amount you have outstanding on your existing mortgage. This extra amount can then be used to pay for improvements on your property Find out which improvements add the most value to your home.
One major benefit of raising funds in this way is that your entire mortgage will be on the same introductory rate, rather than some of it being on a further advance rate (as these can often be higher than introductory rates). Another benefit is that the value of your property should increase after the work’s done, assuming there are no sudden decreases in property values.
Will I need a solicitor when remortgaging?
You’ll need a solicitor as you still have to go through conveyancing when remortgaging, although it will be much more straightforward than buying a new property since there won’t be an exchange of contracts or a change of ownership. Often, a lender will give you the option of using their chosen solicitor – which the lender will pay the basic costs for – or they’ll offer you cashback if you choose to instruct your own chosen solicitor.
If you don’t have a solicitor in mind John Charcol has a panel of solicitors we can refer you to.
Can I remortgage without a broker?
It’s possible to remortgage without going through a mortgage broker, but there are many benefits to using an experienced broker. A broker will be able to compare remortgage options for the best rates and deals, saving you time when looking to remortgage.
We’re also able to help you find competitive options, especially if you have poor credit, a non-standard property, or any other complex situation. Getting in touch with a broker can help you save a lot of stress and find you better options that can save you money.
Will remortgaging mortgage rates be cheaper than being transferred onto my lender’s SVR?
A lender’s SVR is often at least 2% higher than their other products. Many people choose to switch to a new deal with a different lender when their existing introductory deal ends as another lender’s deal will almost certainly always be cheaper than going onto their existing lender’s SVR.
What information is required to remortgage?
Your lender will request several documents as part of your remortgage application. These might include:
- Bank statements from the last 3 months
- Payslips from the last 3 months
- Last 2 – 3 years of accounts/tax returns if you’re self-employed
- Your latest P60 tax form
- A passport or driving licence
- Proof of address – as shown in a utility or Council Tax bill
