The better remortgage deal is the one that costs least and fits your plans over the period you expect to keep it—not necessarily the one with the lowest advertised rate. Compare your existing lender’s product-transfer offer with remortgages from other lenders using the same balance, term and deal period. Include the product fee, any early-repayment charge, legal and valuation costs, administration fees, cashback, payment flexibility and the balance you will still owe when the introductory rate ends. Use APRC as a standardised full-term comparison, but also calculate the cost over your realistic holding period.
What a remortgage is—and what you should compare it with
A remortgage replaces your current mortgage with a mortgage from a different lender while you remain in the same home. The new lender uses the proceeds to repay your existing mortgage, and you then make payments under the new deal.
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You should also request a product transfer from your current lender. A product transfer changes the interest-rate product without moving the mortgage to another lender. In some circumstances it may not require a fresh affordability assessment, although that is not true for every transfer. It can also avoid some of the legal, valuation and administration work involved in changing lender.
Comparing only the initial rate can produce the wrong answer. A deal with a slightly lower rate may have a large arrangement fee, while a deal with a higher rate may include free legal work, a free valuation or cashback. Compare each option on the same assumptions and over the same time horizon.
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Gather the figures needed for a like-for-like comparison
Ask your current lender and each prospective lender or adviser for the figures below. A personalised mortgage illustration is more reliable than an advertised rate because eligibility, property value and underwriting affect the offer you can actually receive.
- Current mortgage balance and redemption figure: the redemption figure should include interest to the proposed repayment date and any early-repayment charge (ERC).
- Remaining term: record the years and months left, and whether the mortgage is repayment or interest-only.
- Property value and loan-to-value (LTV): LTV is the mortgage balance divided by the property value. Use the valuation accepted by the lender, not just an optimistic estimate.
- Deal dates: note when the current introductory period ends, when the new rate starts and when the new introductory period ends.
- Initial rate and payment: record the fixed, tracker or variable rate, the monthly payment and how the payment could change.
- Product or arrangement fee: establish the amount and whether it is paid upfront or added to the mortgage.
- Other switching costs: include legal, valuation, transfer, administration and broker or adviser fees that you would pay.
- Incentives: record cashback and any lender-paid legal or valuation costs, together with the conditions attached to them.
- Flexibility: check overpayment allowances, ERCs, portability and any restrictions on changing or repaying the mortgage.
Use the same outstanding balance, remaining term and repayment basis for every illustration. A lower monthly payment achieved by extending the term is not automatically a cheaper mortgage.
Compare total cost over the period you expect to keep the deal
Start with the amount you will actually spend before you expect to change the mortgage again. A practical comparison is:
Payments during the deal period + product fee + switching costs + ERC − cashback − lender-paid costs.
Then compare the outstanding balance at the end of that period. A deal can appear cheaper because it leaves you owing more. For a proper comparison, look at both the net cash paid and the balance that remains, using the same time horizon for every option.
If you expect to keep the mortgage for the full term, compare the full-term total cost as well. If you are likely to move, repay or remortgage when the introductory period ends, the cost to that date is more relevant than a full-term projection.
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Is a lower mortgage rate always a better deal?
No. Fees and the way they are financed can outweigh a small rate reduction. MoneyHelper illustrates this with a hypothetical £200,000 repayment mortgage over 20 years. The rate is charged monthly and held unchanged for the full term; the figures are illustrative, not current market quotes.
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| Illustrative option | Initial rate | Arrangement fee | Monthly payment | Total over the assumed 20-year term |
|---|---|---|---|---|
| No-fee option | 4.5% | £0 | £1,256 | £303,572 |
| Lower-rate option | 4.4% | £2,000 added to the mortgage | £1,267 | £304,102 |
The 4.4% option has the lower rate but the higher payment and higher total cost because the £2,000 fee is borrowed and attracts interest. MoneyHelper summarises the result: “But even though option 2 has the lowest interest rate, the arrangement fee added to the mortgage means your monthly repayments and overall costs are higher than option 1.”
In the same illustration, replacing a 5% existing deal with the no-fee 4.5% option reduces interest by £13,304 over the assumed mortgage term. The 4.4% option reduces interest by £14,774, but still costs more overall than the 4.5% option after its fee. Those figures depend entirely on the stated £200,000, 20-year and unchanged-rate assumptions.
Understand every cost before switching
Product or arrangement fee
A fee may be paid when the mortgage starts or added to the loan. Adding it avoids an immediate cash payment, but it increases the balance and you pay interest on it. Ask for both versions where available: fee paid upfront and fee added. Compare the total cost and the balance at the end of your chosen period.
Early-repayment charge on the current mortgage
Check your current lender’s redemption statement before applying. An ERC is likely if you repay a fixed or discounted mortgage before its deal ends. The charge may reduce as the end date approaches, but only the lender’s current statement confirms the amount. Include daily interest and any other redemption administration charge in the switching calculation.
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A lender may offer free standard legal work or a free valuation, but confirm what the offer covers. You may still have costs for non-standard legal work, title issues, leasehold requirements, transfers, administration or a valuation that does not meet the lender’s criteria. A product transfer with the existing lender may avoid some of these costs.
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Cashback and lender-paid costs
Subtract genuine cashback from the cost, but check when it is paid and whether you must repay it if you leave early. Treat lender-paid legal or valuation services as an incentive only if they cover work you would otherwise have paid for. Do not assume a stated “free” service covers every property or legal circumstance.
Adviser or broker fees
If you use a mortgage adviser, include its fee in the comparison. Fees may be flat, hourly or a percentage of the mortgage. Ask when the fee is payable, whether it is refundable if the application fails and whether it can be added to the mortgage; adding it means paying interest on it.
Use APRC correctly
The Annual Percentage Rate of Charge (APRC) combines the interest rate with specified fees and charges into a standardised full-term measure. MoneyHelper advises: “Always compare the Annual Percentage Rate of Charge (APRC) to see which deal is best.” APRC is useful when comparing products on a common basis, especially where fees differ.
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Its limitation is the assumption that the mortgage runs for the full term under the stated conditions. If you expect to remortgage after a two-year fix, move home, repay a lump sum or switch when the initial period ends, calculate the cost to that date as well. A full-term APRC can rank deals differently from the cost you will actually incur during a shorter period.
Check LTV, affordability and eligibility
LTV is calculated by dividing the mortgage balance by the property value. A higher valuation or a lower balance can move you into a different LTV band, which may affect the products available and the rate offered. The lender’s accepted valuation and underwriting decision determine the usable LTV, not an online estimate alone.
Affordability, income, credit history, employment type, existing commitments, property construction and loan purpose can also affect eligibility. A headline rate shown for a particular LTV band is not a promise that you will qualify. Obtain a decision or personalised illustration before relying on a saving.
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Before applying elsewhere, ask your current lender what it can offer at your present balance and LTV. A product transfer may be available even when a new lender’s affordability assessment would not accept your circumstances, although the exact checks depend on the transfer and lender rules.
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Compare a product transfer with a remortgage
| Question | Product transfer with current lender | Remortgage to another lender |
|---|---|---|
| What changes? | The interest-rate product changes while the mortgage remains with the same lender. | A new lender replaces the existing mortgage and repays it. |
| Affordability assessment | May not require a new affordability assessment in some circumstances; confirm the actual process. | Normally requires the new lender’s affordability and eligibility checks. |
| Moving-lender costs | May avoid some legal, valuation and administration costs. | May involve legal, valuation, administration and other switching costs, partly offset by incentives. |
| Choice of products | Limited to the current lender’s available products. | Potentially broader choice, subject to eligibility and property criteria. |
| What to compare | Rate, fee, payment, flexibility and the balance at the comparison date. | The same items, plus all redemption and new-lender costs. |
A transfer is not automatically cheaper, and a remortgage is not automatically better. Compare the net cost and suitability of both using identical assumptions.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Match the deal type to your need for certainty and flexibility
Fixed rate
A fixed rate keeps the interest rate unchanged for the agreed introductory period, making payments easier to budget. Longer fixes can provide more certainty, but they commonly restrict flexibility through ERCs and may be expensive to exit if you move or refinance early.
Tracker and other variable rates
A tracker usually moves in line with a stated reference rate, while other variable rates can change under the lender’s terms. They may offer more flexibility or a lower initial rate, but payments can rise. Compare the payment at the quoted rate with scenarios in which the rate increases, and check any collar, floor or ERC.
Portability
If you may move home before the deal ends, check whether the mortgage can be ported, whether the new property must pass the lender’s criteria and whether additional borrowing would be priced separately. Portability is not a guarantee that the move will be accepted or that no ERC will apply.
Overpayments and lump sums
Check the annual overpayment allowance, the minimum payment accepted, how overpayments are applied and the penalty for exceeding the allowance. A deal with a lower rate but restrictive overpayment terms may be unsuitable if you expect a bonus, inheritance or sale proceeds.
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How to compare remortgage deals step by step
- Start six to eight weeks before the current deal ends where possible. Ask the lender for the end date, redemption figure, ERC schedule and product-transfer options. The FCA advises borrowers considering a new fixed or discounted rate to speak with their lender or a mortgage broker as soon as possible.
- Record your baseline. Write down the current balance, repayment basis, remaining term, current payment, property value, estimated LTV and the rate you will move to if you do nothing.
- Request a product-transfer illustration. Capture the rate, payment, fee, deal dates, ERC, overpayment allowance, portability and any incentive.
- Obtain comparable remortgage illustrations. Give each lender or adviser the same balance, term, property information and intended deal period. Do not compare a 20-year repayment illustration with a 25-year illustration simply because the latter has a lower payment.
- Calculate the net cost to the end of the introductory period. Add payments, fees, ERC and other costs; subtract cashback and lender-paid costs. Record the balance remaining on that date.
- Test likely changes. Calculate what happens if you move, repay early, overpay or refinance at the end of the deal. Check the relevant ERC and portability terms for each option.
- Review APRC and the full-term illustration. Use APRC for a standardised comparison, but do not let its full-term assumption replace your shorter-period calculation if you expect to switch earlier.
- Check the offer and conditions before accepting. Confirm the valuation, legal scope, fee payment method, cashback timing, required insurance or account conditions and the date the rate is secured.
- Choose only after confirming eligibility. A rate shown in an advert or comparison result is not your guaranteed rate. Proceed using the lender’s personalised illustration and the actual redemption figure.
Debt consolidation needs a separate risk assessment
Using a remortgage to consolidate credit cards, personal loans or other unsecured debts can reduce the immediate monthly payment, but it can extend the repayment period and convert unsecured borrowing into debt secured on your home. You may pay more interest over time, and failure to maintain the mortgage can put the property at risk. Compare a mortgage consolidation with alternatives, account for arrangement and legal costs, and obtain regulated advice before treating it as a saving.
What the FCA intermediary research does—and does not—show
An FCA study published in 2018 reported a 27-basis-point difference in the average borrowing cost of two-year fixed-rate mortgages sold by different intermediaries to like-for-like consumers. It is historical evidence from that study, not a current market comparison, a forecast or a guaranteed saving for an individual borrower. Your outcome depends on the products available, your eligibility, the adviser’s market coverage and all fees.
Decide whether advice adds value
A mortgage adviser can search products, assess eligibility and explain the trade-off between rate, fees and flexibility. Ask whether the service covers the whole market or a limited lender panel, how the adviser is paid, and whether there are separate lender fees. A wider search is useful only if the adviser’s coverage and charges are clear.
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Common comparison mistakes and how to avoid them
- Choosing the lowest initial rate: add every fee and incentive and calculate the net cost.
- Ignoring the fee-financing method: compare paying a fee upfront with adding it to the loan; interest is charged on an added fee.
- Using different terms: compare the same remaining term and repayment basis, then show any proposed term extension separately.
- Forgetting the current lender: obtain a product-transfer offer before judging an external remortgage.
- Leaving an ERC out of the calculation: use a current redemption statement, particularly before a fixed or discounted period ends.
- Assuming “free” legal or valuation work covers everything: check the scope and any exclusions.
- Relying on an estimated LTV: the lender’s valuation and criteria determine the available band.
- Ignoring the end of the initial period: compare the follow-on rate and the plan for refinancing, not only the introductory payment.
- Overlooking flexibility: check portability, overpayment limits and penalties if your plans could change.
- Treating APRC as your personal cost: combine it with a calculation for the period you actually expect to hold the deal.
A decision checklist before you accept
- Have you obtained the current lender’s product-transfer illustration?
- Is the balance, term and repayment basis identical across the comparisons?
- Have you included the redemption figure and any ERC?
- Are product, legal, valuation, administration and adviser fees included?
- Have you checked whether the product fee is paid upfront or added to the mortgage?
- Have cashback and lender-paid costs been verified, including repayment conditions?
- Have you compared cost and remaining balance at the end of the introductory period?
- Have you reviewed APRC and the full-term illustration without relying on them alone?
- Does the deal fit your LTV, affordability and property eligibility?
- Are the fixed period, tracker mechanics, ERC, portability and overpayment rules suitable?
- If you may consolidate debt, have you assessed the longer term, total interest and risk to your home?
- Have you obtained a current personalised illustration before making a decision?
How much could you save by remortgaging?
There is no reliable single “typical saving” for UK homeowners. The result depends on your balance, current rate, remaining term, LTV, eligibility, fees, ERC and how long you keep the new deal. The £200,000 MoneyHelper illustration is a worked example, not a population statistic. Calculate your own net cost from current personalised offers rather than applying an average saving.
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