If you’re mortgage deal is about to come to an end you should think about remortgaging onto a new deal to avoid reverting to your lender's Standard Variable Rate (SVR).
New research from Citizens Advice shows that homeowners who remain on their SVR after a two-year fixed term mortgage deal face an average "loyalty penalty" of £439 a year.
The charity reckons that 1.2 million people would be better off if they switched to a new deal – with one in 10 paying over £1,000 a year extra by staying on the SVR.
Check out our Standard Variable Rate (SVR) guide to see what your lender charges.
Those switching to a new mortgage will be offered remortgage deals, which can be diffferent to what is offered to first-time buyers.
Here, we take you through the best two-, five- and 10-year fixed-rate remortgage deals found using the loveMONEY mortgage comparison centre.
For more on the process of remortgaging read our guide: How to remortgage.
The best two-year fixed rate deals
Here are the best two-year fixed-rate remortgage deals around right now.
|
Provider |
LTV |
Rate |
Fee |
|
60% |
0.99% |
£1,495 |
|
|
65% |
1.14% |
£1,695 |
|
|
70% |
1.19% |
£999 |
|
|
75% |
1.14% |
£995 |
|
|
80% |
1.24% |
£1,450 |
|
|
85% |
1.32% |
£995 |
|
|
90% |
1.81% |
£995 |
As you can see there are some great deals on the market, but the top rates attract some astronomical fees.
So, we’ve also picked out the best remortgage rates with a fee of £500 or under, that might work out better for you.
|
Provider |
LTV |
Rate |
Fee |
|
60% |
1.36% |
£495 |
|
|
65% |
1.29% |
£495 |
|
|
70% |
1.54% |
£0 |
|
|
75% |
1.35% |
£495 |
|
|
80% |
1.64% |
£0 |
|
|
85% |
1.64% |
£495 |
|
|
90% |
2.2% |
£0 |
The best five-year fixed rate deal
If you want to lock into your next mortgage for longer check out the lowest remortgage rates on five-year fixed-rate deals.
|
Provider |
LTV |
Rate |
Fee |
|
Atom Bank* |
60% |
1.59% |
£900 |
|
65% |
1.69% |
£1,695 |
|
|
70% |
1.79% |
£995 |
|
|
75% |
1.77% |
£995 |
|
|
80% |
1.94% |
£1,499 |
|
|
85% |
2.09% |
£999 |
|
|
90% |
2.65% |
£995 |
*Applications must be referred through a mortgage broker
Again, the fees can be quite high on the very cheapest remortgage rates, so we’ve also selected the best offers with a fee of £500 or under for comparison.
|
Provider |
LTV |
Rate |
Fee |
|
60% |
1.89% |
£0 |
|
|
65% |
1.79% |
£495 |
|
|
70% |
2.04% |
£0 |
|
|
75% |
1.99% |
£495 |
|
|
80% |
2.19% |
£0 |
|
|
85% |
2.3% |
£0 |
|
|
90% |
2.75% |
£0 |
The best 10-year fixed rate deals
If you're keen on locking-in for even longer to save on the stress of remortgaging, here are the best 10-year fixed-rate deals across a range of loan-to-values.
|
Provider |
LTV |
Rate |
Fee |
|
60% |
2.49% |
£0 |
|
|
65% |
2.59% |
£999 |
|
|
70% |
2.69% |
£0 |
|
|
75% |
2.64% |
£0 |
|
|
80% |
2.69% |
£999 |
|
|
85% |
3.33% |
£0 |
|
|
90% |
4.24% |
£0 |
Interestingly, many of the top 10-year deals don’t attract a fee apart from those on a 65% and 80% LTV. We've highlighted the best deals with a fee of £500 or under for these tiers below.
|
Provider |
LTV |
Rate |
Fee |
|
60% |
2.49% |
£0 |
|
|
65% |
2.99% |
£0 |
|
|
70% |
2.69% |
£0 |
|
|
75% |
2.64% |
£0 |
|
|
80% |
2.89% |
£0 |
|
|
85% |
3.33% |
£0 |
|
|
90% |
4.24% |
£0 |