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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These are indicative figures only and may not represent all the costs associated with each product. For more information speak to one of our mortgage brokers on 0330 433 2927.


What Are Current Remortgage Rates?

Remortgage rates and deals change all the time because of market conditions. You should be able to find remortgage rates between 3.8% and 6.5% (01/2024), though this will vary based on your LTV, circumstances and which lender you use.

How Do I Get the Best Deal on a Remortgage?

If you want to find the best remortgage deal for your situation, you should start by contacting a broker. Brokers have access to a wider range of lenders than you would by applying yourself and we have the experience to help you find better remortgage deals. You can also improve the remortgage rates and deals available to you by ensuring that your credit history is positive, as well as putting forward a bigger deposit.

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The costs of a remortgage will depend on the amount you need to borrow, the type of mortgage, the interest rate you agree to pay, how long the term of the loan is and the fees you are charged when setting it up.

Find out how much you could save by switching to one of the best remortgage rates for your property with our mortgage calculator below.

We also have mortgage calculators for home extensions and mortgage overpayments.


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?

Remortgaging may be suitable for you if:

Remortgaging may be unsuitable for you if:

  • You need a small mortgage below £20,000
  • You took out your current mortgage within the last 6 months
  • Your mortgage has high ERCs (early repayment charges)

Remortgaging Not Right for You?

You may find a further advance or second charge mortgage a more suitable option.

Why Use a Remortgage Broker like John Charcol?

We Manage the Entire Process for You

Remortgaging can be stressful, but we take care of every aspect - from application and submission to conveyancing and protection.

We Have Thousands of Satisfied Clients

Not only do we have over 2,100 5 star reviews, we have nearly 50 years of experience in saving our customers time and money when they remortgage.

We Give Advice Tailored to Your Circumstances

Whatever your situation, we can help - with specialist lenders and expert brokers for all types of remortgage situations.

John Charcol Expert Tip - February 2024

"As fixed or introductory rates approach their conclusion, mortgage holders may contemplate opting for a product transfer instead of undergoing a full remortgage process. Previous concerns about the high rate volatility witnessed in 2023 might influence decision making. However, the market has undergone a notable transformation at the beginning of this year, with rates significantly lower than the peaks observed in the previous year. To make an informed decision, it is crucial to consult with a broker who can provide advice on various options. This ensures that you carefully choose between the right remortgage deal or product transfer, preventing the possibility of regretting a fixed rate deal later on."

- Mortgage Technical Manager Nick Mendes - CeMAP Qualified

Remortgage Process

1. First Call

When you contact us, we’ll arrange an appointment between you and one of our 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 right information, they’ll go away and find you the best mortgage for your current and future needs. They’ll then organise a follow up appointment to tell you about their recommendation.

2. Decision in Principle

After your adviser has presented you with their recommendation and you’re happy to proceed, they’ll work on securing your DIP (Decision in Principle). Your DIP is a promise from the lender that they’ll loan you the money on the condition that the information you’ve provided is correct and subject to a valuation on 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 carries out a process called “underwriting” where they check all the information and documents you’ve provided in your application. 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 valuation – as your property would have likely had a valuation and internal inspection when you took out your first mortgage.

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 accept the mortgage offer, you’ll go through conveyancing which is where a solicitor arranges all the legal paperwork so you can transfer from one lender to another. Find out more about when you need a solicitor for your remortgage application in our guide.

7. Completion

Finally, after you’ve signed all the paperwork, your solicitor will set a date to draw down the new money to clear the outstanding balance with your current lender. Any excess funds will be returned to you. This is called completion.

Is Remortgaging a Good Idea?

Benefits

You Can Save Money

When you come off your introductory deal you’ll go onto your lender’s SVR, which will be higher than your original rate. Switching to a new remortgage deal can help you make significant savings. Find out how much you could save with our mortgage comparison calculator.


It Can Help You Avoid Moving Home

Remortgaging to fund home improvements to your current property can be cheaper than moving home. Find out how much value an extension could add with our house extension calculator.


You Can Raise Money

Remortgaging for an amount that’s larger than the outstanding balance on your remaining mortgage can help you pay for major outgoings, rather than borrowing separately. Or, you can use your mortgage for debt consolidation, though bear in mind this may cost you more in interest over time.


It Can Help You Accommodate a Change in Your Circumstances

If your financial situation has changed, you may need a new mortgage that accommodates different needs – like higher overpayments or a lower monthly rate. Remortgaging is a way to replace your current mortgage with one that better suits your requirements. Try our mortgage overpayment calculator to see how repaying your mortgage early could shorten your mortgage term and save you money.

Potential Issues

You May End Up Paying More Overall When You Consolidate Debts

Remortgaging can help you pay off urgent debts but, as you would typically have a mortgage for a long period of time, you could end up paying more interest in the long term even though mortgage interest rates are usually lower than those for a lot of other types of loan. An alternative to consider may be a second charge mortgage.


You Could Face ERCs (Early Repayment Charges)

If you try remortgaging too early - i.e. before the introductory deal on your current mortgage ends - you could face ERCs which can make it expensive. You can typically remortgage up to 6 months in advance of your rate ending to secure a deal.


It Can Take Longer than a Product Transfer with a Further Advance

When you remortgage and switch to a new deal with a new lender, you have to go through conveyancing which is the legal part of the process – although this isn't as extensive as when you purchase a new property. Therefore, if you need funds quickly, you may find a product transfer with a further advance more suitable as there’s no conveyancing involved.

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)*


What Our Customers Think

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    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.

    In the event that rates go down during the application process, you can ask your broker about switching to one of the lender’s cheaper rates.

    Why Should I Remortgage?

    Remortgaging can help save you money on your mortgage. When you take out a mortgage you'll usually get a special introductory period. After this, your monthly payments can increase. Remortgaging is an opportunity to get a better deal and switch to a lower rate. It can also be a way to free up some of the equity in your home in case you want to use the funds for something like a wedding, a new vehicle purchase or a downpayment for another property.

    Who Is Offering the Best Remortgage Rates?

    There are many high street lenders as well as specialist lenders that only deal with brokers. The best deal for you will depend on your situation. To find the best rates for your circumstances, speak to a remortgage broker who will look at all the options available.

    What Mortgages Are Available?

    With John Charcol, you can find the latest rates from all types of mortgages available from lenders. Your adviser will help you decide whether to choose a repayment mortgage or an interest-only mortgage. They'll also help you figure out whether to opt for a fixed rate mortgage or a variable rate mortgage.

    Do I Have to Get My House Valued if I Remortgage?

    You’ll need to get your house valued if you’re changing lenders; this could be either a desktop valuation or a physical one. You won’t need a valuation if you’re doing a product transfer with your current lender. 

    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 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 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

    Remortgage Resources

    Remortgaging Guide

    Remortgaging means to switch to a new deal with a different lender but stay in the same property. Learn about remortgage costs, valuations and see our advice.

    Funding Home Improvements

    There are a few ways to finance work on a house: get a home improvement loan, remortgage for home improvements, ask your lender for a further advance & more

    Debt Consolidation Remortgage

    On this page we go through debt consolidation remortgages, how they work, when you can do it, the pros and cons, which lenders are available and more.

    9 Reasons to Remortgage

    Read our nine reasons why you should consider remortgaging your home. You can save a lot of money on remortgaging, so make sure you get the best deal.

    Second Property Mortgages

    Are you looking to buy a second home and need advice on a second property mortgage? Perhaps you’re planning to buy a holiday home? Read our guide to find out more.

    Divorce and Mortgages

    It’s vitally important that you understand your mortgage options during or following a divorce or separation from a partner. John Charcol’s guide provides the perfect starting point.

    Mortgage Glossary

    On this page you’ll find our detailed mortgage terminology glossary. There’s a lot of jargon out there but we’re here to make it easy.

    Do I Need a Solicitor for My Remortgage?

    Looking to remortgage your home? We explain when and why you may need a solicitor to help support you through the remortgaging process.

    Can You Remortgage Early?

    Want to pay off your mortgage early? It's worth considering all of your options when remortgaging to ensure the best deal.

    How to Find the Best Remortgage Rates and Remortgage Deals

    Learn how to find the best remortgage rates & remortgage deals here. We go through what to consider when comparing deals, which lenders there are & more.

    When NOT to Remortgage

    Not sure whether now’s the time to remortgage? Find answers to all your remortgage questions.

    How Much Can I Borrow on a Remortgage?

    Find out how much you could borrow on a remortgage in our guide. We go through how lenders determine what to lend you, how LTVs work and more.

    Can I Get a Remortgage While Self-Employed or on Part-Time Hours?

    Wondering if you can get a remortgage while self-employed or on part-time hours? See our guide to learn what information you need to give to your lender.

    Remortgaging a Shared Ownership Home

    Learn more about shared ownership schemes, shared ownership remortgages, comparing the right deals and more.

    I Own My House Outright. Can I Remortgage?

    Want to remortgage a house you don’t currently have a mortgage on? Learn how much equity you could release & about options for over 60s or those with bad credit.

    How to Remortgage a Help to Buy Home

    Help to buy scheme coming to an end? Find out how to remortgage a Help to Buy home in our guide. We go through how it works and your options.

    How to Remortgage

    Are you thinking about switching your mortgage? Find out how to remortgage in our guide. We go through how it all works and your options.

    How Long Does It Take to Remortgage Your Home?

    Looking to remortgage your home? We’ll explain how remortgaging works, how long it takes and all the costs involved in remortgaging in our guide.

    Interest-Only Remortgage

    Considering an interest-only mortgage? Find out how an interest-only remortgage could benefit you and important things you need to consider in our guide.

    Day 1 Remortgages Explained

    Considering a day 1 remortgage? Learn what they are, how they work, when you might need one, when you can apply, what interest rates are like and more.

    How Much Does Remortgaging Cost?

    Learn all about the different remortgage costs you may face when remortgaging a property in our guide. We go through ERCs, arrangement fees and more.

    Remortgage to Release Equity

    Want to remortgage to release equity from your home? Here we explain what equity is, how to remortgage to release equity, what you can use the cash for & more.

    Remortgaging When Retired

    Learn all about remortgaging when retired here. From how borrowing in retirement works, to your options, the benefits, considerations and more.

    How to Remortgage with Bad Credit

    Learn all you need to know about remortgaging with bad credit. We go through what affects your credit rating and how to start the process.

    Can You Remortgage with a County Court Judgement (CCJ)?

    Learn all you need to know about remortgaging with a CCJ. Find out more in our guide. We go through what a CCJ is and your options.

    Capital Raising Mortgages

    Are you waning to release equity in your home? A capital raising mortgage could be the solution for you. We go through how it all works and your options.

    Home Insurance

    Do you want new home insurance to go with that new mortgage? Our in-house team can arrange bespoke buildings and contents insurance to suit your new requirements, for free.

    Learn More

    Protection 

    With John Charcol, you’ll have the option of speaking to your very own expert protection adviser who’ll learn about your situation and find the right cover for your needs.

    Learn More

    JC Legal

    We can find you a solicitor to manage the conveyancing part of the process with JC Legal. We choose from an exclusive panel of carefully selected solicitors and conveyancers, saving you time and ensuring you receive excellent service.

    Learn More

    Equity Release

    It’s easy to overlook your property as part of your finances, but your home is probably the biggest asset you have. Release money from your home with John Charcol's partnership with Key Retirement. Find out more and start the process today.

    Learn More