Best Remortgage Rates

Compare remortgages

Remortgaging is when you switch from your existing mortgage deal to a new mortgage deal, without moving home.

You can remortgage to a different lender or move to an alternative deal with your existing lender (also known as a product transfer).

Technically you can remortgage at almost any time (subject to terms and fees), but many people will remortgage after a deal ends. This could be to a new fixed or variable rate deal. If they don’t remortgage, they will revert to their lender’s Standard Variable Rate (SVR) which is likely to be significantly more expensive.

Other people may remortgage in the middle of an existing deal if there’s a cheaper and more suitable option available, while others may remortgage and borrow more to release equity from their home.

How does remortgaging work?

It’s a good idea to start thinking about remortgaging around six months before you want the new deal to start. This gives you plenty of time to compare options from your existing lender and other lenders and, once you’ve found a deal, you can arrange for it to start the day after your existing mortgage ends.

Depending on the lender, you may be able to lock in a rate several months before you want the new deal to start, which protects you from any rate rises. However, if rates fall, you may be able to cancel it at least 14 days before it starts in favour of a new, cheaper deal. The exact details can vary between lenders, so check the terms of your agreement for more information on this.

When you remortgage, especially if you’re switching lenders, you will be subject to the usual credit and affordability checks to make sure you can afford the payments.

However, if you remortgage with your existing lender, these checks are likely to be less rigorous (unless you want to borrow more, for example).

Why should I remortgage?

There are several reasons why you may want to remortgage, such as to:

• lock into a new deal once your current deal expires. This is likely to be a cheaper option than moving onto your lender’s Standard Variable Rate, which is what you are automatically put on after a deal ends. Remortgaging could reduce your monthly payments or stop them rising as much as they otherwise would.
• move to a cheaper deal and save money. If rates have fallen since you took out your current deal, it could be worth remortgaging before the end of the term. However, you should calculate the cost of any early repayment charges to work out if remortgaging in the middle of a deal is worth it.
• release equity from your home. If you want to borrow money for home improvements, for example, you could remortgage for a larger sum than your current mortgage balance. Consider the fees and interest charges to work out if this is the best way to borrow money, or if an unsecured loan or another form of borrowing could be better.
• pay off your mortgage quicker. When you remortgage, you could choose to repay your mortgage over a shorter term than originally planned. For example, if you can afford to pay more each month, you could increase your payments and reduce your mortgage term to cut the amount of interest you pay.
• move to a deal with a lower loan-to-value. If you have a lump sum to pay off some of your outstanding mortgage balance, or if your property has risen significantly in value since taking out your initial deal, you may be able to remortgage to a deal with a lower loan-to-value. This could allow you to access even lower interest rates.

Current remortgage trends

Remortgaging activity continued to grow in 2025 as lenders advanced 1.86 million refinancing loans over this period, 13.7% more than the previous year. However, most of these transactions were internal product transfers (choosing a deal from your existing lender) instead of switching to a different lender. According to UK Finance.

At the start of 2026, the outlook was looking relatively positive for those who were planning to remortgage as interest rates were coming down. Indeed, the Bank of England estimated that three million households (one third of mortgage accounts) could see their payments decrease over the next three years as they refinance to cheaper deals. However, the conflict in the Middle East and its impact on the UK and global economy has completely altered the mortgage market and expectations for borrowers.

The conflict is expected to push up inflation, which in turn significantly reduces the chances of any cuts to the Bank of England base rate in 2026. Consequently, many mortgage lenders amended their product range and raised rates, which means borrowers coming to the end of a deal may have no option but to refinance to a more expensive mortgage and face higher monthly repayments.

As the first few months of 2026 showed, the mortgage market can be unpredictable and can change quickly in response to the latest events. If you’re thinking about remortgaging soon, visit our chart above for the best remortgage rates UK lenders are offering right now or speak to a broker for tailored advice on your individual situation.

Types of remortgage deals

Anyone looking to remortgage has a range of different deals to choose from, depending on their situation and personal preferences.

Fixed rate remortgages

As the name suggests, the interest rate on these types of mortgages is fixed and stays the same for the specified period, which means they are likely to suit homeowners who want the certainty that their monthly payments won’t change. This can make it easier to budget and plan your finances as there’s no risk that your payments could increase.

There are several fixed terms to choose from and, again, the individual priorities and requirements of a borrower will determine which option is right for them.

• Two-year fixed remortgages will suit those who want to secure a guaranteed rate for a short period but don’t want to be tied into a deal for more than a couple of years. Because these deals only last for two years, they can offer more flexibility than longer-term fixed options and may appeal to those who are planning to move home in the near future, for example. Borrowers may also opt for a two-year fix if they believe interest rates will fall, but, because rates can fluctuate, there’s no guarantee that they will be able to access a cheaper rate once their deal ends.
• Three-year fixed remortgages are a kind of middle ground between short- and long-term fixes. They offer a bit more stability and certainty than two-year fixed options, but you don’t need to commit for as long as five years or more. There aren’t normally as many three-year deals to choose from, compared to two- and five-year mortgages.
• Five-year fixed remortgages are a popular option for borrowers who may be more risk-averse and want to ensure their payments won’t increase for the next five years. While they can offer stability and protect homeowners from any increases in rates, borrowers will be tied into the deal, which could leave them paying more than necessary if interest rates fall.
• Ten-year fixed remortgages aren’t very common but, for borrowers who are worried about interest rates going up, they may be worth considering. However, while these long-term deals have some benefits, interest rates are usually higher than on shorter-term fixes. Furthermore, a lot can happen in 10 years, so locking in a fixed rate for this long is a big commitment and may not always pay off, particularly if interest rates fall significantly.

It can be difficult to work out how long to fix for as there are so many factors to consider, which is why many borrowers will find it useful to get professional advice and guidance from a mortgage broker.

Are two-year fixed remortgages cheaper than five-year fixed remortgages?

In a standard market, two-year remortgage rates are normally lower than their five-year counterparts as providers often charge more for the extra certainty that long-term mortgages offer, and to compensate for the increased risk of lending for longer.

However, volatility in the mortgage market can reverse this trend. This is because lenders may expect rates to rise over the coming months and years (pushing the interest rates on short-term mortgage deals higher) and to eventually settle at a lower level over the long term. For example, the fallout from the 2022 mini-Budget meant the average two-year fixed mortgage became more expensive than the average five-year fixed deal for almost three years. After returning to a more “normal market” for a few months, two-year fixed mortgage rates once again rose above their five-year equivalents in the wake of the conflict in the Middle East in 2026.

Because lenders can react quickly to changes in the market, it’s always worth checking our remortgage charts for the most up-to-date rates and to see which terms offer the most competitive deals.

What fixed term is best when remortgaging?

There’s no set answer to this as every homeowner is different and will have their own unique requirements and preferences. It’s important to consider your individual situation, as well as the overall market, when making your decision as there are pros and cons to each option.

Two- and five-year fixed terms are more common, so borrowers are likely to have a wider range of products to choose from if they opt for one of these deals. Two-year fixed remortgage deals typically charge lower rates than their five-year equivalents, but it’s important to note that this isn’t always the case, particularly when the market is volatile and uncertain. Indeed, as previously mentioned, the average two-year fixed mortgage rate edged above the average five-year fixed rate in March 2026.

If two-year fixed mortgages charge a lower rate, some homeowners may prefer to take out one of these deals to save money on their monthly payments. They may then hope that rates fall over the next couple of years so they can remortgage to an even cheaper fixed deal, although this is never guaranteed.

However, other borrowers may be willing to pay a little bit more for the added certainty provided by a five-year mortgage as the rate is guaranteed to stay the same for this period. While this type of fixed mortgage is less flexible than a two-year deal, it means borrowers are protected if rates increase across the market, whereas someone locking into a shorter-term mortgage could find themselves refinancing to a higher rate once their deal ends.

But, as the mortgage market can be unpredictable, it’s important to consider your own preferences and needs when choosing a fixed term, not just what you think will happen to interest rates. It can be difficult to work out how long to fix for as there are so many factors to consider, which is why many borrowers may find it useful to get professional advice and guidance from a mortgage broker.

Variable rate remortgages

In contrast to fixed rate remortgage deals, the interest rate on variable options can change. The lender can decide to lower or increase the interest rate charged on variable deals, which means your monthly payments could go up or down at relatively short notice.

This can make it more difficult to budget if interest rates (and your payments) rise, but, if the lender lowers interest rates, you could end up paying less.

There are several types of variable rate remortgage deals available, including discounted variable and tracker products.

Discounted variable mortgages follow the direction of a lender’s Standard Variable Rate (SVR), but at a fixed “discount” below it for a certain period (such as two years). For example, if the SVR is at 7.50% and falls to 7.25%, a discounted variable rate deal that tracks at two percentage points below the SVR will fall from 5.50% to 5.25%.

Meanwhile, tracker mortgages “track” the direction of a particular interest rate, often the Bank of England base rate. This means that, if the base rate falls by 0.25 percentage points, the rate on a tracker mortgage will drop by 0.25%.

Fixed vs tracker remortgage rates

While fixed remortgage rates can offer stability, tracker (and other variable deals) come with a bit more uncertainty as interest rates could go up or down.

This means that, even if variable rates are initially lower than fixed rates, choosing a variable deal could cost you more overall if rates rise. But, if fixed rates are initially lower than variable rates, locking into a fixed deal still may not necessarily be the cheapest option if rates fall. This is why it’s often useful to speak to a broker as they have the experience and knowledge to help you navigate the mortgage market.

Loan-to-value bands

Unlike the length of the term and whether you choose a fixed or variable deal, which are your own decisions, the loan-to-value (LTV) of your mortgage will depend on how much equity you own in your house and how much you need to borrow from the lender.

There are a range of LTV bands available for those remortgaging, with some of the main options listed below.

• 60% LTV remortgage deals typically offer some of the cheapest rates on the market as they pose a lower risk to the lender. Borrowers need to own at least 40% of their property outright to access 60% LTV deals, which means they only need to borrow up to 60% of the value of their home.
• 75% LTV remortgage deals are typically more expensive than their 60% LTV equivalents as borrowers need to finance a larger proportion of their property. However, they can still offer competitive rates as borrowers will own a decent amount of equity in their home.
• 80% LTV remortgage deals require borrowers to own at least 20% of their home outright. While they are likely to charge higher rates than lower LTV deals, they will typically be cheaper than 85% and 90% LTV deals.
• 90% LTV remortgage products are likely to be more relevant for newer homeowners, such as first-time buyers who took out a 95% LTV mortgage when purchasing their property. Because recent homeowners may not have paid off much equity yet, they may still need a deal that can finance a substantial proportion of their home when remortgaging. Deals at 90% LTV are likely to come with higher rates than remortgage products with lower LTVs.

What are the fees for remortgaging?

There are several costs to factor in when you remortgage. Lenders will charge different fees, but they could include:

• arrangement or product fees on the new deal
• deeds release or admin fee to move your property’s title deeds to the new lender
• valuation fees (some deals may come with a free valuation)
• legal or conveyancing fees (these may be included in the deal, but you would have to use the lender’s chosen solicitor)
• broker fee, if you use a mortgage broker to find a remortgage deal
• early repayment charge (ERC) if you leave an existing mortgage deal before the end of the term.

Bear in mind that, if you remortgage to a deal with your existing lender, you may only need to pay an arrangement or product fee.

You may be able to add some of these fees to your mortgage, but this means you’ll pay interest on them. As a result, it’s often worth paying any fees upfront if possible.

How much can I borrow when remortgaging?

In the most straightforward cases, you can simply borrow the balance left outstanding on your mortgage.

However, if your financial situation has changed significantly since your initial application, you may find that you’re not eligible for a mortgage that covers your remaining balance.

This could happen if you don’t pass a lender’s affordability checks because your income has fallen, for example, or if property prices have dropped.

What happens if property values drop?

If your home loses value, your outstanding mortgage balance will make up a larger proportion of your property’s value. This could push you into a higher loan-to-value threshold, which may affect the interest charged and the amount you can afford to borrow.

In the very worst cases, you could end up owing more on your mortgage than your home is worth. This is known as negative equity and is a particular risk if you took out a low-deposit mortgage.

Whatever your circumstances and requirements, a mortgage broker can help you find some of the best remortgage deals for you.

Borrowing more

It may be possible to borrow more than your outstanding balance when you remortgage, if you want to release some money to pay for home improvements, for example.

This is known as a “further advance” if you borrow more from your existing lender.

But, before adding to your mortgage, it’s crucial to weigh up all the costs involved as this could be more expensive than other forms of borrowing.

How long does it take to remortgage?

The time it takes to remortgage depends on your individual circumstances and whether you choose to remortgage with your existing lender or a new lender.

It will usually be quickest to take out a product transfer with your current lender. Because the lender ran affordability checks and did a property valuation when you took out your initial mortgage, it may not need to perform all these checks again. As a result, it may be possible to apply for a remortgage online or over the phone and be approved within hours.

Bear in mind that if your situation has changed or if you want to change the terms of your mortgage (by borrowing more or adding/removing an individual from the agreement, for example), the process is likely to take longer and involve more checks.

If you want to remortgage with a different lender, it could take six to eight weeks for your application to be processed and accepted. The lender will run credit and affordability checks, as well as checks on the property, to make sure you meet its criteria.

Should I stay with my current lender or switch to a new one?

It’s up to you whether you remortgage with your current lender or with a new lender.

Remortgaging with the same lender can be the quickest and most convenient option as it requires less paperwork and fewer checks than moving to a new lender. It will also usually involve fewer fees and, depending on your situation, the lender may not run a credit check so your credit history may not be affected.

Furthermore, some lenders may offer more attractive rates to their existing customers. As a result, choosing a new deal with your current lender could be the cheapest and most suitable option for you.

However, this isn’t guaranteed. Other lenders may offer more attractive remortgage rates, even if you factor in any additional fees involved in switching lender.

The process of remortgaging to a new lender is likely to take longer and will require more checks than staying with your existing lender, but it could be a cheaper option if you can find a suitable deal with lower rates.

This is why it’s so important to compare mortgage rates if you’re planning to remortgage, looking at deals from your current lender as well as the rest of the market. It can be useful to speak to a mortgage broker to help navigate your way through the deals on offer to you.

Read more: Should I switch mortgage lenders?

How to remortgage and find the best deal

To find the best remortgage deal, it’s crucial to think about a range of factors. Below is a checklist of some points to consider:

• See if your LTV has changed. A lower LTV could open up potentially lower interest rates, saving you money compared to your last mortgage.
• Don’t automatically accept your existing lender’s remortgage offer. Make sure you compare remortgage rates from a range of lenders, as this could save you a lot of money in reduced interest costs.
• Calculate the total costs of remortgaging. This includes product fees and, if you have a fixed rate mortgage, any early repayment charges that might apply on your current mortgage deal.
• Check for any incentives. Some lenders may offer certain perks, such as a free valuation, free legal fees or cashback, for example, which may add to the overall value of the deal.
• Consider whether your circumstances have changed since your last application. When you remortgage to a new lender, you'll need to complete a full mortgage application and affordability check. But, even if you stay with the same lender, you’ll need to inform the lender if your financial situation has changed since your last application as this could affect the deals you qualify for.
• Check if your credit rating has changed. Before remortgaging it's important to check your credit score. As part of the application process, your chosen lender will run a credit check on you and whoever else you may be buying the property with. Try not to apply for credit in the months leading up to a remortgage application as this could affect the lender’s decision.
• Decide what type of deal you want to remortgage to. It’s worth thinking about whether you want a variable or fixed rate mortgage and, if you choose to fix, whether you want to lock in a rate for two, three or five years, or possibly even longer. You may find it helpful to use a mortgage calculator, such as a mortgage repayment calculator, so you can see an estimate of what you can afford and what your monthly payments could be.
• Apply for an agreement in principle. If you find a potential deal that you think may be suitable, you can apply for a mortgage (or agreement) in principle to see how much you may be able to borrow. This doesn’t involve a full credit check, but borrowers should bear in mind that it’s not a guarantee that they will be approved for a remortgage from the lender.

If you secure a remortgage offer a few months before it’s due to start, it’s worth keeping an eye on the market to see if rates fall and if you could switch to a cheaper deal. Don’t rely on your lender telling you if a better deal appears and, if you use a broker, ask if they will check the market for you. Before switching remortgage deals, check the terms of the lender and note that any fees you’ve already paid may not be refundable.