Updated: June 06, 2022

Cheapest Remortgage Deals Comparison

Trying to find the cheapest remortgage deals on the market? Looking for deals without any fees? Compare the best remortgages for your situation today!

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Pete Mugleston

Author: Pete Mugleston - Mortgage Expert

Updated: June 06, 2022

When you’re looking for the cheapest remortgage deals available, the number of options and choices can seem a bit overwhelming.

This guide will break everything down for you, showing you how to find the best remortgage deals around. You’ll learn about the different options you can choose from and how to compare fixed and variable rates. Also, we’ll reveal some of the top choices on the market right now.

Keep reading for all the details or click on a link below to jump to a specific section…

Remortgage rates and deals

Here’s an overview of current remortgage rates and deals based on the average house price of £275,000 with £200,000 left to pay on the mortgage:

Fixed Rate

Lender Rate Type Loan Term Interest Rate Fees
Yorkshire Building Society 2 Year Fixed 20 Years 2.20% £1,496
Natwest 2 Year Fixed 20 Years 2.23% £995
Nationwide 3 Year Fixed 20 Years 2.19% £999
HSBC 3 Year Fixed 20 Years 2.39% £999
Royal Bank of Scotland 5 Year Fixed 20 Years 2.26% £995
first direct 5 Year Fixed 20 Years 2.34% £490
Barclays 7 Year Fixed 20 Years 2.30% £749
Lloyds Bank 10 Year Fixed 20 Years 2.29% £999

Variable Rate

Lender Rate Type Loan Term Interest Rate Product Fees
Yorkshire Building Society 2 Year Tracker 20 Years 1.49% £995
Furness Building Society 2 Year Discounted 20 Years 1.59% £999
Newbury Building Society 3 Year Discounted 20 Years 1.84% £850
Vernon Building Society 3 Year Discounted 20 Years 1.94% £0
Barclays 5 Year Tracker 20 Years 2.00% £1,749
Market Harborough  Building Society 5 Year Discounted 20 Years 2.19% £995
The Tipton & Coseley Building Society Lifetime Discounted 20 Years 2.30% £499
first direct Lifetime Tracker 20 Years 2.69% £490

The above tables were accurate at the time of writing (May 2022) but keep in mind that interest rates can change at any time and mortgage lenders are constantly updating their product range.

For the most up to date remortgage rates and deals, get in touch so we can match you with a broker who can provide you with this information along with bespoke advice.

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Can you remortgage without paying fees?

It is possible to find some lenders with no up front fees. But, doing this can make it slightly more tricky to find the best remortgage deals. This is because some lenders who don’t charge an arrangement fee will hike up the interest rate instead.

So, if you want the cheapest remortgage deal possible, it’s important to make sure you’re looking at the total borrowing costs. You can avoid setup fees with some lenders, but you don’t want to pay higher rates than you need to as a result.

What are your options?

Remortgaging can give you some extra financial flexibility with your home loan. Although most mortgage terms last around 25 years, it’s often possible to remortgage onto a better deal. Deals typically range from 2 to 5 years, although some lenders do offer 10-year and lifetime options.

The main choices you’ll have are:

  • Choosing a fixed or variable rate
  • Selecting the length of the new deal

It’s common to remortgage and switch deals if you’re coming to the end of a fixed rate period, or if an introductory rate is ending. If you own a larger chunk of equity in the house, you could be doing this to reduce your loan-to-value (LTV) and find a better rate. Or, you may want a cheap introductory deal at a lower rate than what you pay right now.

Remortgaging onto a better deal gives you the opportunity to restructure your loan and lock in cheaper rates. It can also lower your monthly payments by a lot, especially if you’ve been moved onto a lender’s standard variable rate (SVR).

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How should you compare deals?

Comparing like-for-like remortgage deals can be fairly straightforward. But, most lenders structure their loans and terms in different ways. This can make it difficult at times to find the cheapest option in a true ‘apples to apples’ comparison.

So, how do you navigate your way around and compare the best remortgage deals on offer? The trick is to make sure you’re looking at the whole of the market. Speaking with an expert adviser is the easiest way to access the full range of available choices.

Along with providing you access to the whole selection of products, a broker will be able to calculate which will end up costing you the least. This way you can be sure that you end up with the cheapest remortgage deal.

Just make an enquiry and we’ll introduce you to a remortgage specialist we work with for a free initial discussion.

Is it cheaper to remortgage on a fixed or variable rate?

It really comes down to the lender you deal with. If you qualify for a remortgage offer, what works out cheapest will depend on the term length, the rate, and any extra fees for arranging the loan. If interest rates rise, your fixed deal could work out cheaper. But, if they fall, you might be better off with a variable rate.

Speak with a remortgage expert

Remortgaging and refinancing your home is a popular move. But, with all the options available, advice from an expert broker can make sure that you end up with the cheapest remortgage deal possible.

We offer a free, broker-matching service. This means we’ll quickly assess your current situation and then pair you up with a remortgage specialist. They’ll be able to introduce you to the best lenders for your circumstances.

Just call 0808 189 0463 or make an enquiry. We’ll set up a free, no obligation chat between you and a remortgage expert today.

FAQs

Is remortgaging always cheaper?

Not always. It’s usually possible to find a better deal, but there will be a number of factors involved, including what’s happening in the wider economy. It may also be better in some cases to restructure your mortgage with your current lender.

To give you the best chance of finding the cheapest deals, it’s best to discuss your options with an expert broker who specialises in remortgages.

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We can help! We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in Remortgages Ask us a question and we'll get the best expert to help.

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Pete Mugleston

Pete Mugleston

Mortgage Expert

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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