How to find the best remortgage rate
These are rates priced for remortgage business — moving your existing mortgage to a new lender on the same property. It's the most competitive segment of the market, because lenders are actively trying to take customers from each other and a remortgage customer is a known quantity with a payment history.
That competition shows up in the incentives as much as in the rates. Free valuation and free legal work are close to standard on remortgage deals, which removes most of the switching cost that makes people hesitate.
Remortgage or product transfer?
You have two routes, and it's worth being clear about the difference. A product transfer means taking a new deal with your current lender: no new application, no affordability check, no valuation, no legal work, and it can often be done online in twenty minutes. A remortgage means moving to a different lender: a full application, credit and affordability assessment, valuation and conveyancing.
Product transfers are easy, and lenders know it. The convenience is priced in — transfer rates are frequently a little above the sharpest deals in the open market. The gap varies; sometimes it's negligible and the transfer is obviously right, sometimes it's wide enough to be worth several thousand pounds over a five-year deal.
The sensible approach is to get your lender's transfer offer first — it costs nothing and takes minutes — then use it as the number to beat. If the open market can't beat it by enough to justify the process, take the transfer with a clear conscience. If it can, you have a concrete figure to weigh against a few hours of paperwork.
Product transfer is usually right when
The rate gap is small, your circumstances have changed in a way that might complicate a new application, or you need it done quickly because your deal ends soon.
Remortgaging is usually right when
The saving is meaningful, you want to borrow more, you want to change the term, or your LTV has improved enough to reach a cheaper band your current lender won't price you into.
Start six months before your deal ends
Most mortgage offers are valid for around six months, and most lenders open product transfers at about the same point. So six months out is when you can genuinely act rather than just worry.
The advantage of booking early is asymmetric. Reserve a deal now and you're protected if rates rise; if rates fall before completion, you can usually switch to the cheaper product with the same lender, or walk away entirely. You're taking an option, not a commitment, and the option is generally free.
The cost of not doing this is concrete. When a fix ends without a new deal in place you drop onto the standard variable rate, typically two to four percentage points above the best available fixed deals. On a £200,000 balance that's several hundred pounds a month, and it starts the day the fix expires.
What remortgaging actually costs
Less than most people assume, because the competitive incentives cover most of it. Work through the list before deciding the process isn't worth it.
Product fee
£0–£1,999 depending on the deal. Fee-free options are widely available; on smaller balances they usually win.
Valuation
Normally free on remortgage deals — most lenders include it as standard.
Legal work
Usually covered by the lender's free-legals package. If you use your own solicitor instead, budget £300–£500, though some lenders pay a cashback contribution instead.
Exit fee
A small administration or deeds release fee from your outgoing lender, typically under £150.
Early repayment charge
Only if you leave your current deal before it ends. Time the switch to complete after the ERC period and this is nil — which is the main reason to start planning six months out.
Common questions
When should I start looking at remortgage rates?
Around six months before your current deal ends. That's when most lenders will let you reserve a new rate, and offers typically stay valid for about six months — so you can lock in protection against rate rises while keeping the option to switch if rates fall.
Is remortgaging cheaper than a product transfer?
Often, but not always. Open-market remortgage rates are usually sharper because lenders compete hard for the business, while product transfers price in their convenience. Get your existing lender's offer first and treat it as the benchmark the market has to beat.
Will remortgaging affect my credit score?
A full remortgage application involves a hard credit search, which leaves a footprint. A product transfer with your existing lender usually doesn't require one. Neither has a lasting effect if your payment history is sound.
Can I remortgage to borrow more?
Yes — raising capital for home improvements or to consolidate other debt is a common reason to remortgage. The lender will assess affordability on the full new amount, and the extra borrowing increases your loan-to-value, which can move you into a more expensive band.
Can I remortgage if my circumstances have changed?
It depends on the change. A new lender reassesses your income and credit from scratch, so reduced income, recent self-employment or credit problems can make a remortgage harder. In those situations a product transfer with your current lender is often the more reliable route, since it typically involves no affordability check.
How current are the rates on this page?
We collect product data from the lenders we track from their published information and refresh it regularly, so the remortgage rates above reflect our most recent check of each lender's published range. Lenders can withdraw or reprice a deal at any time, sometimes with a few hours' notice, and a rate shown here is not an offer — availability depends on your circumstances, the property and the lender's own criteria.