Best Remortgage Rates

There are several reasons why you might be looking to remortgage but ultimately, they all come down to one factor – reducing your overall borrowing costs by selecting the best interest rates. To do this, you need to compare what’s available in advance of your existing deal coming to an end.

The table below gives you an illustration of some of the best remortgage interest rates – both fixed-rate and variable – currently on offer at the moment.

The rates quoted above were correct at the time of writing (May 2023) and are subject to change at any time at the lender’s discretion. Speaking to a mortgage broker is the best way to keep track of the rates available at any given time.

Which is the best type of interest rate deal to choose right now if you’re remortgaging?

This all really depends on your own personal situation and also what type of mortgage you have. Analysts predict the base rate will continue to rise in 2023, with tracker rates following suit and standard variable rates (SVRs) likely to rise too. Fixed rates are expected to come down.

But that doesn’t mean the best remortgage rate for you is necessarily a fixed deal. For some borrowers, remortgaging on a variable rate provides the flexibility they want.

Borrowers with an interest-only mortgage typically find that rate rises have less of an impact on their outgoings, for example, so may prefer a variable rate which benefits them when rates come down. Buy to let remortgages are usually taken out on an interest-only deal to limit monthly outgoings.

How to find the best remortgage rates

Rates tables are always the best way to start your search but once you’ve glanced at what’s available then you should next seek the help of a mortgage broker with experience in the remortgage market.

They’ll be able to help you with:

• Calculating the equity / loan-to-value ratio (LTV) you have across your property – this is crucial in determining which remortgage deals you qualify for.
• Comparing all the remortgage deals across the market including specific offers exclusively available only through a mortgage broker
• Selecting the deal that’s the right one for your own personal situation and mortgage needs with the cheapest overall terms available

To speak to a remortgage expert, get in touch with us today and we’ll arrange for an advisor we work with to contact you to discuss your requirements in more detail.

Remortgage comparison calculator

You can find out what your remortgage payments are likely to be by inputting the relevant data from above and the amount you need to borrow into our remortgage calculator.

Try a range of rates and mortgages to get a better idea of all your borrowing options. But remember this is just an illustration and you should speak to a broker for a precise remortgage quote.

Could the best remortgage deals also come with no upfront fees?

Potentially, yes. Generally though mortgage lenders will look to offer lower rates for deals with an upfront fee and slightly higher interest rates for deals without. But this is exactly where a mortgage broker can prove to be invaluable.

If your specific requirements are finding the best remortgage deals specifically without any upfront fee then they will focus solely on finding you those particular offers.

Best mortgage lenders for debt consolidation

Which lender is best for a debt consolidation mortgage depends on several factors. If you’re looking to roll all your debts into your mortgage because payments are becoming difficult to manage, you may need to look for a provider who offers a high LTV.

For debt consolidation remortgages up to 90% LTV, there is a wider choice of lenders and you may get a lower rate.

Providers offering this type of loan include:

• Saffron
• Digital Mortgages by Atom Bank (may even potentially go up to 95% LTV)
• Kent Reliance
• Mansfield Building Society
• Tandem Specialist Mortgages

Can you still qualify for the best remortgage rates if you’ve had bad credit?

This will depend on the nature of the bad credit and how long ago it was. With a strong application, minor historic debt problems and significant equity, you may still qualify for the best rates.

If your debt problems are ongoing and you’re looking to remortgage to solve them, or if you’ve had more severe issues  such as CCJs or repossession, you’re unlikely to get the best rates on the market. In this instance, a specialist bad credit mortgage broker may be your best bet.

Why use Online Money advisor for your remortgage needs?

The brokers we work with have whole of market access and will scour the entire UK mortgage market to get you the best possible remortgage deal available.

What’s more, our unique broker matching service is designed to find the right broker for your needs. To get matched with your ideal broker call today on 0808 189 0463 or enquire online.