Remortgage Deals From The Top Lenders In The UK

Our qualified team of mortgage brokers will work closely with you to help you find and compare great mortgage deals from our comprehensive range of mortgages available from across the market. We will provide you with all the information you will need to select the remortgage deal which best suits you.

Keeping You Updated With The Latest Mortgage Information

Mortgage products are constantly being updated, changed and withdrawn. This makes it very difficult for you to know what products are available right now. To help you get a better grip on the ever changing mortgage market, we have sourced some of the top mortgage deals available in the market today. All of our mortgage products are currently available from the leading lenders in the UK and our mortgage calculator information is continuously updated as new mortgage products become available on the market.

Remortgage Calculator

Remortgage Calculator

Top 10 Remortgage Deals

Lender Rate Type Initial Rate Initial Period Overall Cost for Comparison Maximum LTV More Info
Coventry BS remortgages Variable 1.69% Lifetime 1.8% APR 65%
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Coventry BS remortgages Variable 1.89% Lifetime 2% APR 65%
More Details
Hinckley and Rugby BS remortgages Discount 2.19% Lifetime 2.2% APR 80%
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Coventry BS remortgages Variable 2.35% Lifetime 2.4% APR 85%
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Woolwich remortgages Tracker 2.29% Lifetime 2.4% APR 75%
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Investec remortgages Tracker 2.25% Lifetime 2.4% APR 85%
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Investec remortgages Tracker 2.25% Lifetime 2.4% APR 85%
More Details
Santander remortgages Tracker 2.39% Lifetime 2.5% APR 75%
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Santander remortgages Tracker 2.39% Lifetime 2.5% APR 50%
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Santander remortgages Tracker 2.39% Lifetime 2.5% APR 75%
More Details
Coventry BS
1.69%
Lifetime
Variable
1.8% APR
60%
Initial rate
Initial Period
Rate Type
Overal Cost for Comparison
Maximum LTV
more details

Coventry BS
1.89%
Lifetime
Variable
2% APR
60%
Initial rate
Initial Period
Rate Type
Overal Cost for Comparison
Maximum LTV
more details

Hinckley and Rugby BS
2.19%
Lifetime
Discount
2.2% APR
60%
Initial rate
Initial Period
Rate Type
Overal Cost for Comparison
Maximum LTV
more details

Coventry BS
2.35%
Lifetime
Variable
2.4% APR
60%
Initial rate
Initial Period
Rate Type
Overal Cost for Comparison
Maximum LTV
more details

Woolwich
2.29%
Lifetime
Tracker
2.4% APR
60%
Initial rate
Initial Period
Rate Type
Overal Cost for Comparison
Maximum LTV
more details

Investec
2.25%
Lifetime
Tracker
2.4% APR
60%
Initial rate
Initial Period
Rate Type
Overal Cost for Comparison
Maximum LTV
more details

Investec
2.25%
Lifetime
Tracker
2.4% APR
60%
Initial rate
Initial Period
Rate Type
Overal Cost for Comparison
Maximum LTV
more details

Santander
2.39%
Lifetime
Tracker
2.5% APR
60%
Initial rate
Initial Period
Rate Type
Overal Cost for Comparison
Maximum LTV
more details

Santander
2.39%
Lifetime
Tracker
2.5% APR
60%
Initial rate
Initial Period
Rate Type
Overal Cost for Comparison
Maximum LTV
more details

Santander
2.39%
Lifetime
Tracker
2.5% APR
60%
Initial rate
Initial Period
Rate Type
Overal Cost for Comparison
Maximum LTV
more details

Coventry BS
1.69%
Lifetime
Variable
Initial Rate
Initial Period
Rate Type
more details

Coventry BS
1.89%
Lifetime
Variable
Initial Rate
Initial Period
Rate Type
more details

Hinckley and Rugby BS
2.19%
Lifetime
Discount
Initial Rate
Initial Period
Rate Type
more details

Coventry BS
2.35%
Lifetime
Variable
Initial Rate
Initial Period
Rate Type
more details

Woolwich
2.29%
Lifetime
Tracker
Initial Rate
Initial Period
Rate Type
more details

Investec
2.25%
Lifetime
Tracker
Initial Rate
Initial Period
Rate Type
more details

Investec
2.25%
Lifetime
Tracker
Initial Rate
Initial Period
Rate Type
more details

Santander
2.39%
Lifetime
Tracker
Initial Rate
Initial Period
Rate Type
more details

Santander
2.39%
Lifetime
Tracker
Initial Rate
Initial Period
Rate Type
more details

Santander
2.39%
Lifetime
Tracker
Initial Rate
Initial Period
Rate Type
more details

Easy Guide To Remortgages

Remortgaging is the term used for the replacement of an existing mortgage with a new one. This could be done to save money by getting a better deal than your current mortgage as well as a number of other reasons:

We can help whatever your reason for remortgaging. If your mortgage is your biggest monthly expenditure, reducing your monthly payments by getting a great remortgage deal could be the biggest money saving change you can make to your finances.

How Much Do Remortgages Cost?

Compare remortgages to potentially save you money but you need to make sure that you have a clear picture of all of the costs before you remortgage. Our independent mortgage brokers could provide you with a detailed and clear explanation of all costs. You could be safe in the knowledge that you will not face any hidden charges when you deal with our brokers. Remortgage costs

Remortgaging could however cost you more than you think, for example remortgages to pay off debts could end up costing you more than other options in the long run but may be a suitable solution in certain circumstances, as could finding suitable remortgages for bad credit.

Our brokers will be able to advise you on your specific circumstances and if remortgaging is a suitable way for you to finance your debts.

The Bank of England has recommended that lenders should apply a new “stress test” to make sure borrowers can keep up their repayments in the event of a rise of up to 3% in interest rates over the first five years of the loan. Is this an indication that interest rates are about to rise? Remortgaging could help you keep costs down by fixing your mortgage rates before they are increased by your lender.

For more information on remortgaging read our how does remortgaging work guide.

Remortgages Calculator - Work Out The Cost Of Your Mortgage

If you’re planning to move your mortgage or you’re just looking to see what is available, you may want to use our remortgage calculator to help you with budgeting.

Tell us the value of your property and how much you would like to borrow and over what period of time you would like the new mortgage to be paid off, and we will do the rest.

Our easy to use calculator will look at the whole of the market and find you some great remortgage deals for you.

Getting Ready To Remortgage Your Home

Before you start looking at remortgages, there are 3 checks you will need to make on your existing mortgage.

  1. Will you be paying an early repayment charge?

Most mortgages have an early repayment charge during the initial special discount period (a few have even extended penalties after the deal ends too). If you remortgage then, you’ll trigger the charge and it can be thousands of pounds. So before you go any further, you need to know:

  • Is there an early repayment charge?
  • How much is it?
  • What date does it apply until?

When you have got this information, you will be able to work out if it’s worth getting rid of your existing deal early and paying the charge. Or you can wait and avoid the early repayment charge by remortgaging the next working day after the early repayment charge expires.Will you be paying a deeds release fee?

  1. Will you be paying a deeds release fee?

Most mortgages will have an additional administration fee for releasing the property deeds to your solicitors. These charges typically range between £50 and £200. The lender should only charge you these kinds of fees if you were told about them when you took out your mortgage and the Keyfacts illustration you received with your mortgage should contain this information. If these admin fees aren’t shown, point this out and ask for the fee to be removed.

  1. How much do you owe your current lender?

Without this information, you won’t know how much you’ll need to remortgage for. Don’t just estimate a figure. Phone your existing mortgage lender and ask “How much would I need to pay to clear my existing mortgage on ….1 September 2015”

If you provide the date you wish to make the final repayment they will take into account any normal repayments you’re due to make between the time you call and that date. Relying on a rough estimate could mean you end up with a shortfall or taking a pricier remortgage than you needed to.

How Much Can You Borrow To Remortgage Your House?

Historically, lenders would simply multiply your income to work out how much they would lend you. This meant that typically, a single person would be allowed to borrow four times their single salary while a couple would be offered up to three times their joint salary.

Recently introduced regulations mean that this has all changed, and now it’s all about the affordability of a mortgage loan. A lender will look at all of your outgoings (bills and other debts) and work out how much spare money you are left with each month.

This can get tricky and some of the lenders are so picky that even when you’ve paid your debts off – say on a credit card – just before you apply for a mortgage loan, they factor in how much available credit you have.

Even once they’ve done the maths, they will need to also ensure that you have a comfortable financial cushion in case the mortgage rates rise. This will ensure you’re not right on the edge of your finances. To do this a lender will work out what you can afford on a higher mortgage rate for the mortgage product you are applying for, usually 6% or 7%, even if you’re applying for a 3% mortgage deal.

Don’t Ask For A 100% Mortgage!

The days of 100% mortgages are long gone. The key question is how much of your property’s value you are looking to borrow from the new lender.

Borrowing less than the price of the house indicates you are more solvent and means the mortgage loan is less of a financial risk to the mortgage company. This is because a mortgage on a house is a secured loan (in other words, if you can’t repay the loan on your home, the lender will reposes your home), so by lending money to you to purchase a house it’s taking a gamble on house prices. The less of a gamble the lender needs to take the more likely you are to get that specific remortgaging product.

To illustrate how much of a gamble they take with your mortgage –

If you’re only borrowing 75% of your home’s value, prices would need to drop by 25% before the lender wouldn’t be able to recoup the full amount of the loan if you couldn’t pay it back to them. If you were borrowing 90% of your home’s value, prices would have to drop only 10% before the lender wouldn’t be able to get their money back if you defaulted on your repayments.

So the lower the amount of the loan against a property is, ie. The more equity you have in your home, the more protection the lender has in the eventuality of you not being able to pay their loan back in full.

What You Need To Know About Remortgages

What is equity in my house?

It’s important to understand your borrowing will depend on two factors.

  • The equity in your home. If you owe £120,000 on the mortgage loan and the house is now valued at £180,000, you have £60,000 equity in your home.

If you are applying to remortgage to replace the £120,000 loan, the £60,000 equity is equivalent to a deposit that would be paid by someone buying a property.

  • Can you put any other cash towards it?

If you have savings you can use (it is always a good idea to keep an emergency fund - just in case), this will lower your overall borrowings and may result in a better remortgage deal depending on the deal you are looking at.

The amount you are putting down for your remortgage in assets or cash is referred to as your equity.

How much equity do I need to get the best remortgage deals?

  • To get a mortgage, you will require equity of at least 5%
  • To get a good rate, currently you’ll need more than 20% of the property value
  • and 40% for the the best remortgage deals at market-leading rates

There is nothing complicated here - The bigger your equity (including savings),that you can put down, the better the remortgage lending rate you will get access to. This will result in lower monthly repayments, and the cheaper the remortgage with be overall.

The difference between a 10% and 20% mortgage is huge; then the next big jump is at 25%, then 40%.

Our best buy tables say ‘LTV’, not deposit - what does that mean?

  • LTV stands for the loan-to-value ratio (LTV). This is the percentage of the overall property value you have been loaned as a mortgage; ….the proportion that you’re borrowing.

To calculate the LTV of a loan, simply subtract your equity as a percentage of the property value from 100%. So if you have £20,000 equity in a home worth £100,000, that’s effectively a 20% deposit, meaning you owe 80%; hence your LTV is 80%. See the table below for more comparisons LTV rates.

Remortgages LTV Calculator

It’s worth thinking about LTVs and how they relate to your remortgage for a moment. They LTV is not just affected by the amount you put into a house, but also the house price. This is crucial – by owning a house with a mortgage, you have effectively invested in an asset where the price can fluctuate.

As a practical example: let’s say when you initially purchased your home, you had a deposit of £10,000 on a house that cost you £100,000. This meant that you owed £90,000 when you first purchased your home. That’s an LTV of 90%. After a few years you will have paid a little of the overall loan off, now you owe £85,000. You are looking to remortgage and the house’s value is the same, so your remortgaging LTV has dropped by 5% to 85%.

Change the calculations slightly – if your house is now also worth more, say £120,000, then your LTV would be around 70% (£85,000 divided by £120,000 multiplied by 100). This means you would now be likely to get a much better remortgage deal than your initial mortgage was set at. This works both ways – so if the house value instead or rising has now dropped in value to £80,000, you’d now owe more than it’s worth (this is called negative equity) and you’d be unable to remortgage – otherwise referred to as a “mortgage prisoner”

Can you drop an LTV band?

The impact of a lower LTV can save you a huge amount of money across the lifetime of a mortgage.

The effect on your mortgage repayments of owning more of your home outright

If you are close to an LTV threshold you should see if you can move below it to the lower band. Moving to a lower band can have a massive impact on your overall mortgage repayments.

There are two ways to drop an LTV band:

  1. Borrow less

Work out how much additional money you would need to put in to drop to a lower Interest rate band and see how much interest you’d be saving by doing that.

  1. Increase property valuation

When you apply for a mortgage, you need to give an estimate of the property’s current value. You want to get the highest value possible, though the figure needs to be realistic as the lender will get an independent valuer to double check it later in the remortgage process.

Make sure you do some research

There are a number of free house price valuations guides you can use. The links to Zoopla and Righmove below will help with your house price research;

Please be aware that by clicking on to the above links you are leaving the remortgages.com website. Neither Engaged Solutions Limited or Pink Home Loans are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

You can use these sites to look at similar houses to yours that have been sold in your area recently. There is also nothing stopping you from simply asking a friendly estate agent for their opinion on your house price?

How to make sure the property is valued at least at your estimate

Prior to a valuer coming out to your property, the lender will tell them the valuation figure which you have been provided for them (based on your research). So this will be more than likely to influence their expectations of your property price.

If the opportunity arises, try to be at the valuation. This isn’t always an option as the valuer might just look at the exterior of the property (often referred to as a “drive by valuation”) so they won’t provide an appointment time. Also It’s is not unheard for a valuer to not even see the property in person, but instead will rely on internet-based systems and their database to provide a valuation.

When you provide your information for the valuation of your house to the mortgage company, or the valuer, ensure you tell them about similar properties to yours nearby that have sold for the most money. Whether or not you see the valuer! They will rely heavily on the comparisons you have provided to justify their valuation. They will ordinarily keep a record of at least three comparisons in support of the valuation figures they provide for your property. Properties that have sold carry a lot more weight than properties that are only advertised so don’t tell them the asking prices make sure they are selling prices.

My property was valued at less than my estimate – what can I do?

If the valuation comes back lower than you had expected, it’s only a problem if it pushes your LTV above the maximum allowed for a specific product. If this happens, the lender is likely to offer you an alternative product, if one is available (and suitable for your circumstances). You should re-check your sums and see if there is a better deal for your new LTV. Just because the lender you’ve applied to is good for one LTV band doesn’t mean it will be good for another LTV band.

My property is valued at more than my estimate – what does this mean?

Not unheard of, but certainly rarer than it being undervalued. If the value is substantially higher, it could push you into a lower-priced LTV band. Again do your sums again and see if you need to approach another lender as the lender you’ve applied to might not be the most competitively priced lender for that LTV band.

If you do find yourself in the position of an over or under valuation for your property which changes your LTV band, do not cancel the first application until the new LTV product has been finalised with you by a lender. Just because lender A’s valuer thinks it’s worth more or less, there is no guarantee that lender B’s valuer will agree with this valuation.

Compare Mortgages And Remortgages

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.