Remortgaging could save you substantial amounts of money on your repayment whether you are moving house or not. Compare the latest interest rates and other important features of remortgages in the table below.
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What is a remortgage?
When you reach the end of your mortgage deal you can choose to remain on your lender's default rate, known as its Standard Variable Rate (SVR), move to another deal with your lender or change mortgage providers. This last option is known as remortgaging.
What do I need to do to remortgage?
Applying for a remortgage is a similar process to applying for an initial mortgage. You'll need to undergo affordability checks, your property will have to be valued and you'll need a deposit (usually provided by the equity you have in your home).
Do I have to remortgage at the end of my mortgage deal?
No you don't. You can choose to stay on your lender's default rate, known as its Standard Variable Rate (SVR) or move to another deal with your current lender.
What are the benefits of remortgaging?
Remortgaging gives you a chance to access new deals that may not have been available to you when you originally applied for a mortgage.
Are there any downsides to remortgaging?
It can be a costly affair as you may face all the same fees you did when originally applying for a mortgage including an arrangement fee, booking fee, valuation fee and legal fees. Furthermore, if you remortgage before the end of your current deal you could face an Early Repayment Charge (ERC).
How many times can I remortgage?
There is no limit to the amount of times you can remortgage but it's worth bearing in mind the costs involved.
What fees will I pay to remortgage?
The fees involved with remortgaging are the same as those you'd face when originally applying for a mortgage including a valuation fee, arrangement fee, booking fee and legal fees. Not all fees apply to all mortgages however.
What are my options if I can't remortgage?
If you don't have sufficient equity in your home or your circumstances make it impossible for you to get a new mortgage deal, your only option is to stay on your lender's Standard Variable Rate (SVR). If you are struggling however, it is essential that you speak with your lender.
How can I find the right remortgage option for me?
NerdWallet's comprehensive comparison tables are free to access and easy to use and can help you to find the right remortgage option to suit your particular circumstances.
NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.
Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ
Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE