Best Remortgage Deals and Rates UK

 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.

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.

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.

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.

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. 

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.

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.

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.

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.

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.

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.

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.

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.

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