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View today’s best remortgage deals and find out if L&C could help save you time and money by switching to a better rate.

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L&C annual cost

Comparing mortgages isn’t easy. Sometimes deals look attractive because they have a low initial rate, but you also need to take into account any fees that come with the mortgage deal. We recommend annual cost as the best way to see which mortgage deal offers the best value for the size of mortgage you’re looking to take.

This is how we calculate the annual cost:

  • We add up all the fees associated with the mortgage deal and deduct any cash back to find total fees
  • We then divide the total fees by the number of months the initial mortgage rate lasts to find the total fees per month
  • We add the total fees per month to your monthly mortgage payment and multiply by 12 to calculate the annual cost

By comparing mortgage deals looking at annual cost you can see which one would be cheapest for you taking into account fees as well as the interest rate. The annual cost only applies to the initial deal as its always best to consider switching once the initial deal is over to see if you could save money.

Provider

Who is lending the money and what sort of mortgage is it.

Details

About your borrowing ability

Calculating exactly how much you can borrow depends on a number of things, such as:

  • How much you spend each month on regular commitments
  • Whether you're paid a basic salary, a basic salary plus bonus, commission or overtimeIf you're self employed
  • The amount of deposit you have
  • Your age and whether you are looking to borrow beyond your retirement date

One of the most important factors in determining how much you can borrow is the lender. Each lender has different criteria and as brokers who, last year successfully placed mortgages with 59 different lenders, we are perfectly placed to match the right lender to your borrowing requirements.

What if I need to borrow more?

Sometimes it can be possible to borrow more than the calculator on our website shows you and that's where our expertise comes in. We are sometimes able to arrange higher borrowing by taking your own individual circumstances into account.

* All potential borrowing is subject to affordability checks and credit status

Initial rate

The rate you will pay at the start of your mortgage.

Monthly repayments

Your monthly payment when your mortgage starts, based on the loan amount you entered.

Scheme fees

The total of the lender's booking, arrangement and valuation fees.

Annual cost

The annualised cost of this mortgage.

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APRC stands for Annual Percentage Rate of Charge. It shows you the total cost of a mortgage, including fees, over the entire term of the loan.

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When compiling our remortgage best buy tables we compare the best remortgage rates from across the UK market, including deals that are exclusive to us. It's important to remember that the best remortgage deals are not necessarily about getting the lowest mortgage rate possible, you also need to take into account all the fees and charges associated in setting up your new mortgage deal.

By choosing L&C to find your next remortgage deal our advisers will research the market for you, looking at criteria, set up fees and the rate to help you compare the best remortgage deal for your circumstances, saving you time and effort. Our best buy tables above show you the remortgage deals currently available, both fixed rates and variable rates, whether you are looking to purchase or remortgage to a better deal.

After using L&C for their remortgage or another financial product, 93% of L&C customers would recommend us based on 1465 Reviews.co.uk respondents. Read our reviews

Discover the best remortgage rates

Our remortgage best buy tables compare the best remortgage rates from across the UK market, including any deals that are exclusive to us. It's important to remember that the best remortgages are not necessarily about getting the lowest mortgage rate possible, you also need to take into account all the fees and charges associated with setting up your new mortgage deal.

By choosing L&C to find your next remortgage deal, our advisers will research the market for you, looking at criteria, set up fees and the interest rate to help you compare remortgage offers based on your circumstances, saving you time and effort. Our best buy tables above show you the remortgage deals currently available, both fixed rates and variable rates, as well as those with special features such as offset .

Remember, the best remortgage rates change all the time, so it’s important to have accurate, recent information at hand to make your decision. The best remortgage deals will depend on your unique circumstances and what you’re eligible for, get in touch with us today and we can help you find the right option.

Do you get a better rate when you remortgage?

The UK mortgage market is highly competitive, with deals changing on a regular basis. That’s good news for those looking to remortgage as there’s often a good deal waiting if you look for it.

That said, there are always a few important factors to consider when it comes to whether you’ll be able to get a good remortgage offer or not.

Things that will increase your chances of finding a better deal include:

  • Your property value has increased. Rising house prices lead to a lower loan to value (LTV), potentially meaning lower rates and a better deal.
  • You’ve paid off a substantial portion of your loan. This also means you’ll have a lower LTV and may be able to access new, better mortgage deals.

On the other hand, there are certain factors that may reduce your ability to get a better remortgage deal. These include:

  • Your home has reduced in value. This will raise your LTV, meaning you might have less choice when it comes to remortgaging.
  • Your credit score is low. Lenders may regard you as higher risk, increasing the interest rate they charge and the overall cost accordingly.

The best way to get a good remortgage deal is always to shop around with the help of a knowledgeable adviser, who can guide you based on your specific needs and circumstances and provide sound guidance when it comes to fees and overall costs, as these can vary a lot from deal to deal.

To improve your chances of getting a good remortgage deal, you could; work towards improving your credit score, try to pay down your debt quickly to reduce your LTV, and make sure to always compare remortgage rates.

If you’d like to understand more about what options are available to you or find out about the different costs that might be involved, we can help.

How much could you save by switching to a better deal?

The amount you can save by remortgaging will vary depending on the size of your mortgage, your mortgage term, and whether your new rate is lower than your old one.

Savings are likely to be biggest if you're moving from your lender's standard variable rate (SVR) to a new deal and these savings could potentially be hundreds or even thousands of pounds a year.

For example, saving 2% on a £150,000, 25-year repayment mortgage would cut the monthly payments by about £160 a month or nearly £2,000 over a year.

What remortgage deal should you get?

There are lots of different types of remortgage deals to choose from, so it's important to get to grips with how they all work.

A good remortgage deal will depend on what your current circumstances are. It could be that you are after something that will offer you a lower interest rate than you’re currently paying, or a fixed rate to give you stability of monthly payments, or if your mortgage balance is lower it could be a deal with low or no setup fees.

Here, we look at the main remortgage options, and why you might want to consider each one.

Fixed rate remortgages

A fixed rate remortgage, as the name suggests, enables you to lock into a fixed rate for a set period of time. This is typically either two, three or five years, but can be ten or more years. There will usually be an Early Repayment Charge if you want to pay off or switch your mortgage during the fixed rate period.

Ideal if you want to... fix your mortgage payments for a certain period so you'll have peace of mind that your monthly mortgage payments won't change if interest rates rise.

Tracker remortgages

A tracker remortgage usually tracks the Bank of England base rate, plus a set percentage. Homeowners with tracker mortgages benefit when interest rates are falling, as their mortgage rate and monthly payments reduce when the base rate does. However, when the base rate increases, their mortgage rate also goes up, meaning steeper monthly payments.

Ideal if you want to... benefit from a low remortgage rate now, and are comfortable that your monthly payments may fluctuate over time.

Capped rate remortgages

If you choose a capped rate remortgage deal, your mortgage rate can go up or down over time, but it will never go above a certain limit. It's worth noting however that capped rate mortgages are rarely available at the moment.

Ideal if you want to... benefit from lower rates if interest rates fall, but don't want your payments to exceed a particular amount if they move in the other direction.

Discount remortgages

With a discount remortgage, the lender will typically offer you a discount off their standard variable rate (SVR) for a specified period of time. This means that during the discount period, typically 2 to 5 years, you'll pay a rate that is always lower than the SVR and will benefit if interest rates fall and the lender passes on this cut by reducing the SVR. You must, however, be prepared for higher payments if interest rates rise and your lender increases their SVR.

Ideal if you want to... benefit from lower rates if interest rates are cut, although your lender doesn't have to move its SVR down if this does happen.

Offset remortgages

An offset mortgage allows you to offset any savings you have against the amount you're borrowing, so reducing the amount of interest you pay. This can help you to pay off your mortgage sooner. Bear in mind though, that offset remortgage rates tend to be slightly higher than standard mortgage rates.

Ideal if you want to... keep your savings readily accessible but use them to help keep mortgage interest costs to a minimum.

Compare remortgage deals

Ready to start your remortgage? You can compare remortgage deals with our online Mortgage Finder tool. Don't forget, if at any point you want to chat anything through with one of our advisers we're available 7 days a week.

Remortgage FAQs

Am I eligible to remortgage?

To be eligible to remortgage, you'll need to have at least 5% equity in your home. The more equity you have, the more likely it is that you'll be able to access the best deals.

You'll also need a good credit score and must be able to demonstrate to your new lender that you'll be able to keep up with your repayments.

Your monthly income will also be a key factor that lenders will look at, along with any debts you might have. If, for example, you have lots of other outstanding loans and credit card debts, they may limit the amount you can borrow.

You can see which deals you’re eligible for and get started on your remortgage easily in 5 minutes using our online Mortgage Finder.