Compare remortgages

It depends on your personal circumstances, it's best to get advice through an equity release advisor before making a decision.

Some people use the equity to pay for home improvements or have disposable cash for other expenses. If you decide to take out the equity, it means you'll need to borrow more than you currently owe on your existing mortgage. And whether you'll be accepted for a larger mortgage depends on your affordability.

Use our equity release calculator provided in partnership with our broker Responsible Equity Release.

Lenders usually want to value your home before they offer you a new deal, especially when you switch to them from another mortgage company. They may not do this in person but do a “desktop valuation” instead, which involves looking at recent sale prices.

Or a surveyor might do a “drive-by” valuation where they look at the property from the outside only.

It's usually quicker to remortgage than it is to take out a mortgage to buy a new home. It's especially quick if you're getting a new deal with the same lender and not borrowing any extra money.

Typically, a straightforward remortgage takes about four to eight weeks but this can be longer if your application is rejected or there are any problems.

There is legal work involved in completing a remortgage so a solicitor will likely need to be involved. Luckily most lenders include a legal package when you remortgage which includes the cost of the solicitor.

When you remortgage, you'll normally need to provide:

• Proof of income

• Proof of address

• ID

• Bank statements

• Your latest mortgage statement

Some brokers allow you to upload these in advance which is a good way to reduce the time it takes to apply.

There are lots of mortgage brokers to choose from, but it's normally best to speak to a whole-of-market one if possible. This is because they can look at deals from lots of different lenders across the market to get you the best remortgage rate possible.

It's also important to remember that some brokers will charge an advice fee while others will offer advice free-of-charge. The latter type will only make money via commission from the lender so this doesn't cost you anything extra.

We've partnered with Mojo Mortgages, an award-winning and free mortgage broker, who can get you the best remortgage deal.

Yes, it is perfectly possible to remortgage when self-employed. However, if you were in full-time employment when you took out your previous mortgage, you may find you’re offered less attractive rates and are subject to more stringent affordability checks.

Lenders will need to see proof of income, and they will want evidence that you’ve got a healthy stream of work coming in. Your credit score will be more important than ever, so make sure it’s as high as possible before you apply.

Yes, you can remortgage to a new lender. People often do this if another provide is offering a more favourable deal, or they haven't had a good experience with their current lender.

You can also stay with your current lender but switch to a new deal. This is known as a product transfer.

Applying for any form of credit involves a hard search on your credit record that can impact your score. If your application is successful, any dip in your credit score will usually only be temporary and it should start to improve again as you make your monthly repayments on time. 

Unsuccessful applications will have a bigger negative impact on your credit score, making it harder to get accepted for future deals. Try to space out applications so there is a six-month gap after any rejections.

Before you apply for a remortgage, check your credit files with the three credit reference agencies (Experian, Equifax and TransUnion) to make sure you’re in the best shape to get a deal.

Yes, you can get a mortgage offer from a lender before you need it. Most UK mortgage offers last six months so it's normally a good idea to look into remortgage options around six months before the end of your current deal.

It is always good to plan ahead and make sure you have an offer in place before your current deal ends so you don’t end up moving onto your lender’s standard variable rate.

If your remortgage application is rejected, it's best not to apply for another mortgage straight away. Instead, stay with your existing lenders standard variable rate until you know you'll get accepted in the future.

That's why it's important to understand why your application was refused. For example, if you have low credit rating, take the time to build your credit score back up.

When you're looking for a remortgage deal, make sure you're in the best financial shape you can be. Pay attention to your credit score and make sure it is high enough for the lender to accept you. The cheapest remortgage rates are only available to people with an excellent credit rating. 

Lenders may also consider how much equity you have in your property. If your LTV ratio is still quite high, you could use savings to give yourself a bigger deposit. This will make you a more attractive borrower and you should get access to better rates.

A mortgage broker can also advise you on other ways you can improve your chances of being accepted.