Are you facing difficulties securing a reasonable remortgage deal?
Look no further – here, we detail how to secure the best remortgage deals, lowering your interest rates and monthly mortgage payments, potentially netting you substantial savings.
The FCA regulates mortgage brokers and requires them to meet specific qualifications before they can offer mortgage advice.
Remortgaging can be a daunting process – you have to find the right time, spend time comparing different rates and terms, and ensure that it’ll save you some cash. When you engage with a mortgage broker, they can streamline the application process substantially.
A broker will review your existing mortgage and provide assistance in evaluating your financial plans, identifying the optimal timing for remortgaging based on your specific requirements and objectives. Additionally, they can aid you in comparing rates and terms offered by various lenders, ensuring you secure the most advantageous overall deal. In some cases, they may even find you rates that are not readily available to the general public.
Finding the Best Remortgage Deals: Top Brokers
Here’s our list of the top six brokers who could help you secure the best remortgage deals.
Best for comprehensive online services – Habito
Best for versatility – John Charcol
Best for fee-free consultation – Better.co.uk
Best for finding brokers – Unbiased
Best for simplicity – Mojo
Best for boosted deposits – Tembo
1. Habito – Best for Comprehensive Online Services
Location & coverage | Nationwide / Online |
|---|---|
Financial Conduct Authority (FCA) Reg No. | 714187 |
Experience | 4.8 stars on Trustpilot, over 50,000 customers |
Services | First-time buyer mortgages, remortgages, moving house mortgages, buy-to-let mortgages |
Habito might be a relatively new, online-only broker (formed in 2016), but it has no shortage of services. If you have any questions or need any mortgage product, you’ll probably find it on Habito’s website.
A query about a remortgage deal will reveal results curated from a database of over 20,000 mortgage products.
Even when they don’t have an agreement with a particular lender, Habito provides direct deals. That is, they will still direct you to negotiate with the lender directly in a bid to find the best remortgage deal.
Their mortgage deal finder tool also has a handy comparison table, helping you find excellent remortgage deals. You can also access a remortgage calculator and learning materials.
Habito offers a free Mortgage in Principle without checking your credit rating and will handle the entire process, including securing the remortgage.
- No broker fees
- Whole-of-market services
- Over 20,000 mortgage products
- 90+ lenders
- You start the initial process without assistance, which could result in errors
- Algorithm based, not ideal for complex queries
- Mortgage deals can take weeks to complete in specific circumstances
- Not ideal for customers who want a personal touch
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 7.0 | Visithabito.com |
2. John Charcol – Best for Versatility
Location & Coverage | Nationwide / Online and offices in London, Southampton, Birmingham, Newcastle, and Northampton |
|---|---|
FCA Reg No. | 665649 |
Experience | Trustpilot rating: 4.9. Over 200,000 people served |
Services | First-time buyer mortgages, remortgages, moving house mortgages, buy-to-let mortgages, specialist mortgages |
The John Charcol firm has been plying the brokerage industry for the past 45 years, so their ‘unique’ business approach is perhaps understandable.
It’s one of the few remortgage brokers operating both online and in physical offices in several locations countrywide.
That’s likely down to an effort to remain true to their traditional clientele base while remaining relevant in the face of the modern remortgaging industry’s shift towards online services.
John Charcol also offers a wide range of remortgage deals plus quick ways to find the best deals on fixed-rate or interest-only remortgages.
- Operates online and offline
- Whole-of-market broker
- A comprehensive suite of services
- Charges broker fees
- Phone-based broker, doesn’t share too much online
- One of the more expensive options on the market
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 7.5 | Visitcharcol.co.uk |
3. Better.co.uk (formerly Trussle) – Best for Fee-Free Consultation
Location & coverage | Nationwide / Online |
|---|---|
FCA Reg No. | 924229 |
Experience | 4.8 Trustpilot rating |
Services | First-time buyer mortgages, remortgages, next-time buyer mortgages, buy-to-let mortgages |
As its name suggests, Better.co.uk is an online-only remortgage service.
It may seem mundane, but Better.co.uk’s decision to forego consultation fees could save you a pretty penny.
Like Habito, Better.co.uk promises fee-free brokerage services, typically costing upwards of £500 for a phone call or sit-in.
That consultation session will get you remortgage advice on deals from over 90 lenders.
Better.co.uk might still charge some fees, depending on your credit history or financial circumstances. You’ll also have to contend with other expenses, like lender incentive charges.
- No broker fees
- Expert advice 24/7
- Over 90 lenders
- Only 12,000 mortgage products
- Doesn’t compare options from some of the leading mortgage providers
- The premium SmartBuyer service doesn’t have a standard fee
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 8.5 | Visitbetter.co.uk |
4. Unbiased – Best for Finding Brokers
Location & coverage | Nationwide / Online |
|---|---|
FCA Reg No. | 574048 |
Experience | 4.0 on Trustpilot |
Services | Broker matching |
Unbiased takes a slight departure from the rest of the providers on this list as this online site does not provide mortgage brokerage services.
Instead, Unbiased links you to mortgage brokers and financial advisers — all 27,000 of them.
Log into the site and narrow your search to select a broker with good ratings for handling remortgaging requests similar to yours. The designated broker will then find you remortgage deals.
- Wide range of remortgage brokers
- Free service
- 27,000 mortgage brokers & financial advisers to choose from
- No way of telling broker charges
- Limited specialist resources like remortgage calculator
- Doesn’t display information about the fees charged by the featured brokers
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 8.4 | Visitunbiased.co.uk |
5. Mojo – Best for Simplicity
Location & coverage | Nationwide / Online |
|---|---|
FCA Reg No. | 478215 |
Experience | Trustpilot rating of 4.7 |
Services | First-time buyer mortgages, remortgages, self-employed mortgages, buy-to-let mortgages |
In a world of mind-numbing jargon, unending technicalities, and tedious paperwork, the simplicity of Mojo’s operations is a welcome reprieve.
All you have to do is access their website and click the remortgage button, right in your line of sight. Answer a few relevant questions and have the results presented in a simple, intuitive interface.
No need for scrolling or fumbling around looking for where to click; right in line with their motto, ‘We’ll sort the mortgage, you make yourself at home’.
Mojo’s barebones approach can also be its Achilles heel as it comes across as lacking in features, although it has a ‘Mortgage Calculator’ and ‘Help’ buttons in plain sight.
- Simple, intuitive user interface
- No consultation fees
- Lacking features, not suitable for complicated situations
- Slow service, can’t call to seek clarification or speed up the process
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 6.8 | Visitmojomortgages.com |
6. Tembo – Best for Boosted Deposits
Location & coverage | Nationwide / Online |
|---|---|
FCA Reg No. | 952652 |
Experience | 4.9 rating on Trustpilot |
Services | Standard mortgage, professional mortgage, Skipton track record mortgage, remortgage, guarantor mortgages |
Tembo makes it much easier to acquire your dream home, even when you’re down on cash.
If you’re low on deposit, utilise the nifty family remortgages ‘Deposit Boost’ option, where family or friends can use their home to build your deposit.
The guarantor could secure a remortgage and pass the proceeds to you, helping boost your savings to secure a home. After, access the remortgage deals as you normally would.
- Family remortgages – Deposit Boost
- No charge for remortgage service
- Over 20,000 mortgage products
- Fully online
- Charge for mortgage consultation
- The lack of face-to-face contact may not be suitable for everyone
- No free service
- Relatively new on the market
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 6.9 | Visittembomoney.com |
How Do We Rate & Review Providers
There’s a host of excellent remortgage providers currently, so selecting the right one is no easy task. Before settling on any one remortgaging provider, you have to consider a wide range of factors, explained below:
Regulation: The recommendations only factored in licensed and regulated brokers as they adhere to standard industry practices, and a government watchdog is looking after your interests.
Product offering: We chose brokers who could find the most remortgage providers, offering the widest variety of products, enhancing the chances of finding a remortgage deal suited to your needs.
Interest rates: Brokers on this list demonstrate an ability to find remortgage providers offering industry-leading interest rates, increasing the likelihood of finding products providing the best returns.
Account perks/features: The brokers furnish a gateway to a wide array of remortgage products, providers, deals, remortgage calculators, and knowledge centres to help you make an informed decision.
Coverage: These providers operate countrywide since most are online-only operations as recent market trends dictate. Choose any one of these providers, and you won’t lack services because of limited coverage.
Unique features: All the providers furnish a unique value proposition that you would hardly find offered by other providers, such as whole-of-market brokerage services, deposit boosts, remortgage comparison tools, free mortgage-in-principle certificates, and recommendations for direct deals.
What Does Remortgaging Mean?
Remortgaging involves changing your existing mortgage deal to a new one while keeping the same property.
You can choose another mortgage product with a completely different lender, known as a full remortgage, or change your mortgage to another product with your existing lender, known as a product transfer.
Why Remortgage?
Here are the top reasons for choosing to remortgage your home:
Your current mortgage deal is ending: When your existing mortgage ends, that usually signals a shift to the lender’s Standard Variable Rate (SVR). This interest rate is typically higher than the market average for fixed and variable mortgages. By remortgaging, you can secure a more favourable rate than the SVR.
To find a better rate: If you are on your lender’s SVR, remortgaging can help you secure a better rate.
Your property’s value has increased: If the market value of your home has increased, you may want to remortgage at a more favourable interest rate because your loan-to-value (LTV) is now lower.
To release equity: You might want to utilise the equity in your property to fund other investments or pay for personal expenses. It entails making the switch to a deal with a higher LTV.
To shorten the mortgage term: Remortgaging allows you to switch to a mortgage with a shorter term. That enables you to pay off your mortgage within a shorter period by making higher monthly payments. As a deal sweetener, you will pay less interest overall.
To change to a fixed rate: If you currently have a variable-rate mortgage, consider switching to a fixed-rate mortgage to avoid payment increases if market volatility drives interest rates higher.
Several factors, including your new rates, mortgage size, economic factors, and mortgage term, determine how much money you can save by remortgaging. For example, you can save thousands of pounds annually if you are currently on your lender’s SVR and switch to a deal offering a favourable interest rate.
Pros and Cons of Remortgaging
- Potential for a better rate: One of the key reasons for remortgaging is the potential for a better rate. Switch to a new mortgage deal that suits your needs when your current one ends rather than dropping down to your lender’s SVR.
- Debt consolidation: Consolidating multiple high-interest debts into one low-interest mortgage payment can be viable if you need to reduce monthly repayments. For example, if your LTV has decreased, you can use the equity you have built up in your home as a tool for negotiation.
- Access equity: Remortgaging allows you to access the equity you have built up in your property. By refinancing, you can take advantage of your home’s higher worth to get financing for renovations, debt consolidation, or personal needs.
- Better control of finances: When your income fluctuates, you may need flexibility in your mortgage payment. Remortgaging could be your best solution if you have recently seen a significant increase or decrease in your monthly income.
- Additional fees: Remortgaging comes at a price—more charges. The exercise could potentially attract expenses such as arrangement fees, legal fees, exit fees, valuation fees, and early repayment charges. Before refinancing, consider these charges carefully because they might impact your overall finances and savings.
- Risks of falling into negative equity: You could find yourself in negative equity (the state of owing more on your mortgage than your home is worth) if the value of your property drops after a remortgage. That will make it more challenging to sell or remortgage the property in the future, limiting your options.
- Tedious process: The entire remortgaging process might take several weeks or months, which might not be desirable depending on your circumstances.
- Eligibility: Lenders have specific requirements for granting remortgage applications. For instance, if your income or credit score has declined since you first got your current mortgage, you might have difficulty getting favourable interest rates or even finding a lender in the first place.
How Do I Remortgage?
Remortgaging is typically less of a hassle than applying for a new mortgage:
Step 1: Apply for the remortgage
Step 2: Assessment
Step 3: Remortgage offer and Completion
After signing all the necessary documentation, your solicitor will schedule the drawdown of funds to settle the outstanding mortgage balance with your previous lender and hand you any extra money unpaid.
How to Improve Your Chances of Getting a Remortgage
When shopping for a remortgage, consider several factors, including your financial situation. Follow these top tips to improve your chances of acquiring a mortgage:
Boost credit score: A high credit rating demonstrates to mortgage lenders your ability to pay. That proves you’re not a credit risk, filling them with confidence to lend you the money. Additionally, customers with high credit scores get the best-advertised rates from lenders.
Fix credit score errors: Over time, your credit file might collect errors like undischarged debts, out-of-date information, and incorrect information about closed accounts. Fix these errors and compare the information with all the credit scoring agencies to ensure all their information aligns.
Reduce your LTV ratio: Reducing your borrowing lowers your LTV and risk status, improving your stock among mortgage lenders.
Prepare your paperwork: Ensure all your documentation is in order to avoid unnecessary rejections. Gather your payslips, tax returns, and bank statements, and make sure they all bear your current registered address.
Shop around: You will likely get the options you qualify for.
Watch your spending habits: Avoid raising red flags by spending money on what lenders consider risky activities. For instance, avoid overdrafts or using your card on gambling sites.
Lock in early: If you can find a lender willing to negotiate terms in advance, lock in a favourable interest rate and immunise yourself from future price hikes.
Can I remortgage with a different lender?
Can I apply for a mortgage before my current deal expires?
What Fees Will I Have to Pay to Remortgage?
These are the fees you might expect to pay to secure a remortgage:
Description | Average Amount | |
|---|---|---|
Administration charge | This is the fee some, but not all, lenders will charge you for sending the title deeds to your solicitor. | £50 - £300 |
ERC | If you opt for early termination, your current lender may charge ERC as a percentage of the outstanding balance. | 1% - 5% |
Legal fee | Charged by your attorney as payment for the legal services rendered during the remortgaging process. | £300 - £1000 |
Exit fee | When you close your mortgage account, many lenders will charge you a closing or ‘exit’ fee to cover administrative costs. | £50- £200 |
Arrangement fee | The cost of the mortgage product. Also called product fee. | £1,000 |
Property valuation fee | Fee your new lender charges to determine how much your home is worth. | £300 - £1500 |
How Do You Calculate Your Loan-To-Value for a Remortgage?
You need to find out the current market worth of your home and the amount still owed on your mortgage. Next, divide the outstanding mortgage balance by your home’s value.
Most mortgages have an LTV ratio between 75% and 80%. These LTV ratios are popular among lenders and borrowers because they allow for a realistic down payment and mortgage payment.
