The best remortgage deal could save you £8,938* a year
* Annual saving based on the best fixed interest rate available as of 09/01/23 at 4.09% compared to the lenders standard variable rate of 8.49% for a mortgage of £250,000 over 35 years
Compare the best remortgage deals from over 100 lenders
Our expert mortgage advisers will search the market to find the best remortgage deal for you.
In March 2024 the best remortgage deal available is a 4.09% fixed rate for 2 years.
What is remortgaging?
A remortgage is where you take out a new mortgage on the property you already own.
This can be to borrow money against a property that doesn’t currently have a mortgage outstanding, or to replace your existing mortgage.
You usually remortgage when you come to the end of your product with your lender. Sometimes it will benefit you to remortgage early before your deal comes to an end.
Speaking to a mortgage broker such as Willow Brook Mortgages, gives you access to over 100 lenders and some exclusive products as well.
Your advisor will discuss everything with you so that you fully understand your options and apply for the best product.
Using a mortgage broker benefits you a lot more than going to your current lender or bank, as they would only have access to the deals they can offer and cannot tell you how this compares to the market.
When your current deal comes to an end you will usually revert to the Standard variable rate with your lender. You can check your lenders standard variable rate by clicking here.
Lenders usually have higher interest rates for their standard variable rates but also with it being a variable rate, it can change at any time resulting in your mortgage payment changing as well.
The mortgage market is very competitive and changes daily. The key to finding the best remortgage rate is using a whole of market mortgage broker who can search the market for the best deal for you. Willow Brook Mortgages have access to over 100 lenders so we can find you the best mortgage deal. If you remortgage with your current lender you will only have access to the current deal that they offer. We can check deals with your current lender as well to ensure you have the best option.
Mortgage rates in the UK change on a daily basis. Lenders will price competitively in the area they are looking to take on business from and they will aim to take on a set amount of business at that interest rate. Once they reach the level of business they will change their interest rates again. Mortgage rates also change depending on the equity you have in your property, the amount you have outstanding on your mortgage and factors such as your credit file. It is important to remember that the lowest interest rate might not be the cheapest option for you. Other costs should be factored in, to look at the overall cost of your mortgage.
Our specialist advisors will look at over 100 lenders to find you the best overall mortgage product.
You can secure a new mortgage deal up to 6 months before your current deal comes to an end. You can secure the interest rate on a new mortgage deal so that if interest rates rise before your current deal comes to an end you won’t be affected. Some lenders will only offer remortgage deals for 3 months, so we can have a look at the mortgage market again at this point to check you still have the best deal secured. Willow Brook Mortgages offer a rate check facility as well to ensure you get the best remortgage rate. This means that at any point before you complete on your new mortgage deal, you can call us to check you still have the best remortgage deal. If a better remortgage deal becomes available, we can change you across to the new deal to save money.
Whether you decide to fix your new product for 2 or 5 years is dependant on a lot of factors. You will want to consider how long you are going to stay in the property and any changes in your circumstances that are likely to take place. The market changes on which interest rates are the most competitive depending on the lenders risk appetite. When you speak to your advisor they will be able to discuss the different interest rates and your options for your remortgage.
When considering whether it is a good time to remortgage, we will need to know when your current product ends or if you are on a variable rate. Your advisor will be able to look at the benefits of remortgaging early or moving off a variable rate. If your current mortgage deal ends in the next 6 months, you can secure a new product and we will still review the market at any point up until completion for you if a better interest rate becomes available.
Yes, is the simplest answer! When your product comes to an end you will usually automatically go on to the lenders standard variable rate. The lenders standard variable rates are currently around 8.5% so your payments will increase significantly if you do not remortgage. By looking at your remortgage 6 months before your current deal comes to and end, we will be able to look at all of your options with your current lender and a new lender.
If you are moving to a new lender, you will require a solicitor to carry out the legal work for you. Some lenders will offer a free legal service as part of the remortgage or cash back to help with the cost. We will discuss your option and factor any costs such as solicitors in to our recommendation on the best remortgage deal.
You can look at the best remortgage rates up to 6 months before your current deal comes to an end. As part of our service we will then review the market for you at any point before your new deal starts to check this is still the best option for you. This will benefit you in securing a new interest rate, so that if interest rates rise you will have the lower rate secured. If the interest rates go down we can still change across to the new product to save you money.
This will change as the products with lenders update daily. Therefore the most competitive bank or building society will change as well. Lenders will price the most competitively in the market they are looking to take clients on from as well which will mean that the most competitive lender for a 2 year fixed interest rate could be different to the best interest rate for a 5 year fixed interest rate. The most competitive bank or building society for a mortgage will also change depending on your loan to value. At Willow Brook Mortgages we have access to the whole market to find you the best remortgage deal.
Does your house get revalued when you remortgage?
Yes if you are moving to a new lender, they will value your house. When applying for your remortgage you will be asked to provide an estimate of how much you think your house is worth. This is often based on how much you bought the property for and also recent sales in your area. You can look on websites like Zoopla and rightmove for properties that have recently sold in your area to help with your estimates.
The lender will then carry out a valuation. This is commonly a desktop or remote valuation where a surveyor doesn’t physically attend your property. They will have a look at factors such as the location of the property, number or bedrooms, floor plan, parking, previous sale prices and the value you have provided. Sometimes a surveyor will carry out a physical valuation for a remortgage as well, where they come to the property and have a look around.
If you stay with your current lender, they will already hold an indexed valuation. This is based on the purchase price of the property indexed to how property prices have changed in your area since you purchased the property. With some lenders you can ask them to re-value your property if you think that this value is incorrect.
The value of your property is important when remortgaging becuase it will dictate your loan to value. Lower interest rates are available if you have a lower loan to value/more equity in your house.
How often should I remortgage/ How many times should you remortgage?
People usually look at remortgaging when their current deal comes to an end. The most common terms for mortgage products are 2 and 5 year fixed interest rates. You can secure a the best remortgage rate around 6 moths before your current deal comes to an end. You will usually have a fee to leave the lender during your mortgage deal.
You can look at remortgaging at any point in your mortgage but you could incur fees if you leave a lender earlier than planned. People will often look at remortgaging early to secure a new deal early, to save money on their current interest rate, to incorporate debts or add home improvement costs in to their mortgage.
The number of times you remortgage will depend on how long you take a mortgage deal for each time, and how long you take to pay off your full mortgage balance.
Last updated 01/03/2024
You may be required to pay an Early Repayment Charge to your current lender if you remortgage