Compare the Best Remortgage Deals & Rates currently available
Explore the best remortgage deals and latest UK rates for both fixed and tracker options. Discover what your payments could look like, tailored to a loan to value (LTV), term, and borrowing goals instead of relying on a one-size-fits-all rate.
Dive into the tables below to estimate your repayments, display additional details about each product, then contact us for a more tailored appraisal of the mortgage options available based on your specific needs and circumstances.
What is a remortgage?
A remortgage is the process of moving your existing mortgage to a new deal with a different lender. Most people remortgage to avoid their lender’s Standard Variable Rate (SVR), reduce monthly repayments, or switch to a product that better fits their plans.
Remortgaging can also let you switch between fixed and tracker mortgages, tweak your repayment term, or unlock some of your home’s value. The real advantage though, lies in weighing up the total cost rather than just chasing the lowest rate.
Why remortgage?
Your current deal is ending
If my fixed rate is ending, what should I do? Start comparing options early. What happens when your mortgage deal expires? Many borrowers who do nothing find their mortgage reverting to their lenders standard variable rate, which is typically higher. So planning ahead and switching your mortgage deal, can help you avoid going onto an expensive rate with higher monthly payments.
You want a better rate
If you can get a better remortgage rate, your monthly payments and total interest cost can drop. Even a small reduction could matter, however it’s always best to compare total cost (i.e. fees, incentives etc) rather than a lower rate in isolation.
So it’s reasonable to ask: can I switch to a lower interest rate and will this cost me less overall?
You want to borrow more or release equity
If you need funds for renovations or a major purchase, you may be able to borrow more on your remortgage. A remortgage to release equity is one way of taking money out of the equity held in your property. This is subject to affordability checks, LTV limits and lenders criteria.
You want to reduce monthly repayments
Apart from arranging a lower interest rate, remortgaging can give you the opportunity to adjust the remaining mortgage term.
Increasing the remaining term on your repayment mortgage can improve cash flow by effectively reducing the monthly repayments. However, the downsides to this includes potentially increasing the total amount you’re paying towards interest rather than your capital mortgage balance over time.
Changing your mortgage type (fixed, tracker)
If you want to switch mortgage type, choosing a new option could fit your budget and future needs and plans more appropriately.
A fixed rate provides predictable payments for a set period, making planning easier. A tracker usually moves with the base rate, so payments can go up or down — it can suit borrowers who can handle fluctuations or expect rates to fall, or a product that is less likely to be tied in with an Early Repayment Charge vs a fixed rate deal.
Changing lender vs staying with your lender
You can switch to a new mortgage lender but sometimes it makes sense to stay put and arrange a new product transfer deal with your existing lender.
The key comparison is remortgage vs product transfer: speed and simplicity versus potentially better pricing elsewhere. In other words, is it better to stay with your mortgage lender? It depends on things such as the total cost of the new deal, timing and convenience.
What remortgaging can look like in real life
Sarah and David’s home is valued at £420,000, with £260,000 left on their mortgage and 23 years to go (that’s an LTV of about 62%). When their 2-year fixed deal ended, they found themselves on a steep variable rate of 7.49% with their existing lender, seeing their monthly payments jump to nearly £1,978.
By switching to a new 5-year fixed deal at 4.39% (and a small product fee), their monthly payment fell to about £1,498, saving them nearly £480 each month.
Before: ~£1,978/month (7.49% variable)
After: ~£1,498/month (4.39% fixed)
Estimated saving: ~£480/month (≈ £5,760/year)
First-year saving after fee: ≈ £4,760
Your Loan to Value Ratio
Your loan to value (LTV) ratio is one of the first things lenders look at when you remortgage.
It connects your property value to your remaining mortgage balance and heavily influences the rates and products you’re offered, and therefore the overall calculation of your monthly payments and new mortgage deal. If you’re comparing deals, focus on your LTV first.
Why it matters
Your LTV shows how much of your home’s value is still covered by your lender. The lower your LTV, the lower the risk to a lender, often unlocking more competition for your business with lower rates and a wider range of deals.
As you pay down your mortgage or your home’s value increases, your equity rises, and your LTV decreases. This may qualify you for a more favourable LTV band, leading to lower rates and reduced overall costs, even after fees.
How to calculate your LTV
LTV ratio = (outstanding mortgage ÷ current property value) × 100
Example: if your home is worth £200,000 and you owe £150,000, your LTV is 75%.
This provides a useful initial estimate for comparing deals. However, lenders may use different calculations after valuing the property and confirming the balance. The loan-to-value (LTV) band you fall into, such as 60%, 75%, 80%, or over 90%, typically determines the competitiveness of the rates you will be offered.
Use the formula above or the calculator below to quickly determine your LTV band.
Loan to Value (LTV) = (...)
Finding the Best Remortgage Rates
A remortgage lets you swap your current mortgage for a new deal, whether you stay with your lender or move to another. So you can secure a better rate, adjust your term, or unlock extra funds from your home.
The right choice hinges on your loan to value ratio, income, and the level of flexibility or certainty you want in your payments.
How much could you save by remortgaging?
Switching can cut the monthly cost if you move from a higher rate to a more competitive product — and many homeowners can save up to 10% by remortgaging to a better deal, sometimes saving thousands of pounds over a year.
Your actual savings depend on the rate you secure, along with product fees and any early repayment charges.
Do you want personalised remortgage rates?
The best remortgage rate for you is shaped by your property’s value, your outstanding balance, your credit history, and how lenders view your finances.
Share a few details about yourself, and we’ll show potential product options, including fees and estimated monthly payments, so you can easily compare and discover deals that may fit you.
Not looking to remortgage right now? Explore other options
When early repayment charges cancel out any savings, it may not make sense to remortgage right now.
As your deal’s end date approaches, revisit the market to find the best rates. We can look into a product transfer with your current lender, or explore specialist options like self-employed mortgages or borrowing more.
Fixed-Rate Remortgage Deals
A fixed-rate remortgage secures your interest rate for a set period, most commonly 2 or 5 years. This ensures your monthly payments remain consistent, even if market rates change.
Fixed-rate mortgages are popular for predictable budgeting. However, the best fixed rate is not always the lowest advertised rate. You should also consider product and legal fees, incentives, which contribute to the total cost over the fixed period.
Tracker Rate Remortgage Deals
A tracker rate remortgage provides an interest rate that could increase or decrease over time, and follows an external index such as the Bank of England Base Rate for an initial period, typically 2 years.
Tracker rate mortgages are less sought after than fixed rates due to their unpredictability, however can be attractive to those with a higher risk appetite and who feel rates are likely to decrease within the tracker rate period. Of course, they should also be financially secure enough to stomach higher monthly payments if their expectations are not realised and rates start increasing instead.
Some tracker rate deals can provide greater flexibility than a conventional fixed rate in respect to not committing you to an Early Repayment Charge period within the initial deal period. This can provide benefits to those who might want to make large overpayments or sell their property during the initial period, or allow them to remortgage onto a fixed rate deal, for example if rates start to increase significantly.
Mortgage Deals Tool
Begin by selecting your mortgage purpose, then fill out the other fields. This tool can provide you with an indication of the current products and deals that are available based on your inputs and not designed to provide you with a personal recommendation. Please contact us if you’d like advice and a personal recommendation on the mortgage options available to you.
What is a repayment calculator
A repayment calculator converts a headline rate into an estimated monthly payment based on the amount you wish to borrow, over what overall term and whether the loan is on a capital and repayment basis or interest only basis. You can use the calculator below to estimate how your monthly repayments could differ by comparing two scenarios based on the same balance and term, but different interest rates.
Based on what you’ve told us:
Your current monthly payment is about:
£0
Your estimated monthly payment could be:
£0
How remortgaging works
If you’re asking how does remortgaging work, it’s essentially a structured switch. We can help you compare deals, recommend a product that is of benefit to you, complete an application to the lender, provide evidence and responses to lender checks, and assuming the application is approved eventually your solicitor assists with setting up the new mortgage and closing down your old one. Remortgaging is usually straightforward, but timing matters and using a mortgage broker can save time, effort and uncertainty ensuring you’re applying to a lender that is likely to approve lending based on your particular circumstances. Start early enough to compare properly and avoid dropping onto a higher rate.
Below is a step-by-step remortgaging overview of the remortgaging process, outlining each stage and what to expect.
Check your current balance and terms
Begin by confirming your existing mortgage balance and product terms such as the interest rate you are on, when this deal ends and details of any early repayment charges/period.
Get a Decision in Principle (DIP)
After we have collected sufficient information about your needs and circumstances, and a suitable lender and product has been identified, a DIP to that lender provides an early assessment of affordability and whether you pass that lender’s initial credit search or check. The process is typically quick and can often be completed on the same day.
A Decision in Principle (DIP), also called an Agreement in Principle (AIP) or Mortgage in Principle, is a provisional agreement from a lender that they are willing to lend you the amount being requested and based on your credit history, subject to a full application being submitted and a more detailed assessment being carried out i.e. proving your income, the property you wish to mortgage being suitable.
Submit your application
The next step assuming the decision in principle stage has passed, is to submit a full mortgage application to the lender so they have a detailed picture of you and your mortgage requirements. They’ll typically then request supporting documentation such as: income proof, bank statements, ID, and signed declarations.
Underwriting
The application goes through a full underwriting and valuation process, and during this you’ll learn whether the lender has any concerns or is no longer willing to lend. In most instances, especially when you’ve used the services of a mortgage broker, you can expect everything to go smoothly and for the lender to approve and formally offer you the mortgage that was applied for.
Post Mortgage Offer
After you’ve received a remortgage offer, you’ll proceed to the conveyancing stage. Typically a remortgage offer is valid between 3-6 months so this should provide you with adequate time to liaise with a solicitor who handles the legal paperwork and processes that are required to transfer your mortgage to the new lender whilst closing down your existing one.
Completion
The remortgage completion process is when the funds from the new lender have gone towards repaying the balance of the old one. If you have left the deal on your previous mortgage early, you may have to pay your previous lender an early repayment charge however this is something your solicitor will advise you of if it becomes applicable.
If your remortgage offer is valid for long enough, it may be sensible to set a completion date that starts as soon as your existing mortgage deal ends and is no longer within an early repayment charge period.
Things to Know Before You Remortgage
Understanding key factors before remortgaging helps you avoid unexpected costs and compare deals based on actual value, not just headline rates. Your remortgage checklist should include your current deal’s end date, any early repayment charges, your LTV band, and the documents required for lender checks.
Before you decide, ask yourself: is it a good idea to remortgage? The answer depends on whether the savings outweigh fees and any penalties, and what you should consider before remortgaging based on your future plans, e.g. wanting to sell and move soon, if you have plans to significantly overpay and reduce your balance, or other scenarios which you can discuss with your mortgage adviser.
Early repayment charges explained
What are early repayment charges (ERCs)? They’re penalties for leaving a mortgage deal during its tie-in period, often a % of the remaining balance.
If you are unsure whether you must pay an early repayment charge (ERC) to remortgage, review your mortgage documents or contact your lender to confirm the amount and when it no longer applies. Understanding these details will help you determine if completing a remortgage before the tie-in period is financially beneficial.
Mortgage illustration (ESIS)
What is an ESIS? It’s the European Standardised Information Sheet — your mortgage illustration explained in a consistent format.
An ESIS example remortgage shows the rate, fees, total cost, and key risks, so you can compare two deals like-for-like.
How interest rate changes may affect your payments
Will interest rate changes affect my mortgage? On trackers and variable rate deals, payments can move after an external index rate change such as the Bank of England base rate; on a fixed rate deal, the rate and your mortgage payments won’t change until the deal ends.
To gauge mortgage payment changes if rates rise, rerun your figures with +0.5% and +1%. That quick stress test shows the impact of interest rates on remortgage choices and presents a practical question: will mortgage rates go up or down?
Additional costs to consider
Beyond the rate and monthly payments, build in remortgage fees: valuation, legal work, product fees, broker fees, and any lender exit charges.
That’s the cleanest way to answer how much does a remortgage cost and to compare fees for switching mortgage lender. Ask up front about typical remortgage solicitor fees and whether the lender offers free legals or cashback.
Types of mortgage: repayment, interest-only, offset
Remortgaging is also a chance to revisit structure: repayment vs interest-only mortgage affects how quickly you clear the balance and your long-term cost.
An offset mortgage links your savings to your mortgage, reducing the interest you pay. This option is useful if you maintain a cash reserve. Some borrowers switch from interest-only to repayment mortgages at remortgage for greater certainty. The best mortgage for remortgaging is one that aligns with your financial situation and future plans.
Compare Remortgage Deals Across UK Lenders
When you compare remortgage deals, you’ll notice pricing can differ even for the same LTV band. That’s because lenders weigh risk, affordability, and property details differently, and structure fees and incentives differently.
A proper remortgage deal comparison looks beyond the headline rate. You want to check the initial rate period, product fee, any cashback or free legals, and the total cost over the first 2–5 years. We scan the market to help you identify the best remortgage lenders UK for your situation and answer the practical question: which lender has the lowest remortgage rate once fees are included.
Best rates available right now
The best remortgage rates depend on your LTV, product type and lender criteria. If you’re looking for stability, compare the lowest fixed-rate remortgage deals by fixed rate term and fees. If you prefer flexibility, review the best tracker remortgage rates and how payments can move.
Mortgage rates in the UK can change frequently, so it’s worth checking the latest deals rather than relying on what was available a few months ago.
Lender panels and FCA-regulated providers
We work with FCA regulated mortgage lenders and reputable UK providers. If you want a mortgage lender panel explained, think of it as a curated list of banks, building societies and specialist lenders we can access for comparisons.
If you want to know which lenders are FCA regulated, you can verify their authorisation on the FCA register. Mortgage brokers in the UK are also regulated, as mortgage advice and arranging mortgages on residential mortgages are regulated activities. This ensures the appropriate protections and standards are in place.
How Smart City Mortgages helps you compare
With Smart City Mortgages, you do not need to manually compare products. We offer personalised options, explain fees and trade-offs clearly, and manage paperwork, keeping you informed and updated from DIP to completion.
If you are seeking the best broker to compare remortgage deals, our service delivers real value. Working with a broker reduces dead ends, speeds up the process, and allows you to share your details once to compare eligible deals side by side.
Frequently Asked Questions
Most borrowers begin comparing options two to six months before their current deal ends. You can usually secure a new deal in advance and switch when your existing mortgage completes.
Yes, but review any early repayment charges first. If the penalty is significant, it may be more cost-effective to wait until your tie-in period ends.
A remortgage typically takes from a few weeks to a couple of months, depending on the valuation, underwriting, legal processes involved and when you wish to complete.
You will usually need proof of income, recent bank statements, identification, and basic property or mortgage details. Self-employed applicants may also need to provide accounts or HMRC earnings and tax documents.
This depends on when your current deal ends, any applicable fees, and the offers available to you. Comparing the total cost, including rates, fees, and any penalties, is the most reliable way to decide.
There is no single required credit score. Lenders assess your overall profile, including affordability, credit history, and loan to value ratio. Criteria varies between providers.
Speak to a remortgage expert
If you need assistance evaluating your options, speak to an adviser. At Smart City Mortgages, we will provide clear guidance on timing, fees, and key factors such as LTV, affordability, and deal type. This approach also helps you avoid pursuing rates that you are unlikely to qualify for.
After completing the application on your behalf, we monitor key stages during the assessment stage such as affordability checks, responding to any additional queries the lender has, monitoring and challenging a valuation result if necessary, and supporting you through the legal stages after your offer has been approved. You will receive regular updates so you always know the next steps and any information we require from you.
Apply
Most lenders provide systems to apply for remortgage online as well as allowing us to upload supporting documents needed for the lender’s full assessment.
