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Remortgage Lenders

How to Find the Best Remortgage Lenders

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By Pete Mugleston  | Mortgage Advisor Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 22nd August 2019 *

We receive countless queries from customers who are looking to remortgage their property, and are wanting to know which lenders are offering the best deals. Remortgaging can be a great way to save money on your monthly repayments, and you could even take the opportunity to free up some cash from your property if you have built up sufficient equity. 

Whether you’re already considering a Halifax remortgage, Natwest, Santander, Barclays or HSBC remortgage or are simply open to exploring the best deals, this article should give you an idea of what’s on offer. We will also touch on some of the broker-only remortgage lenders, which can offer highly competitive deals in this area - even if you have a history of bad credit

Whatever your situation, we recommend you speak to an expert with access to the whole market to ensure you have a complete picture of current products, and don’t miss out on the best deals. 

In this article, we will cover:

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Remortgage lenders: what you need to know

The good news is that the vast majority of providers are happy to take on new customers on a remortgage basis, so you may find you are spoiled for choice. Many often incentivise you with offers such as free legals, free valuations and cashback.

To narrow down your options, think about the type of new mortgage you want, and whether your financial situation has changed significantly since taking out your last mortgage, as this last point could affect your eligibility for certain products.

Don’t forget, whenever you remortgage a property with a new lender, the application process is essentially no different from the one you went through with the original lender: you will be subject to the same type of credit checks, affordability calculations and other standard tests, then assessed against the new lender’s criteria, which will be different in each case. You may also have to pay a fee.

For this reason it’s a good idea to compare any new lender’s policies with that of your current provider: for example, does the new lender take a different view on construction type or on freelance borrowers? The advisors we work with are used to the different lenders’ quirks and preferences, and will be happy to help you decide.

How to find the best remortgage lenders 

To help you find the best remortgage deal for your needs and circumstances, you should first think about what you want to get out of remortgaging your property. For example, are you simply looking for a better interest rate, or do you want to borrow more money for refurbishments, paying off debts or financing other projects? 

Once you have your remortgaging goals set out, as well as keeping in mind any factors that might limit your options (e.g. if you have recently changed jobs, or have a non-standard property), you will be in a good position to find a suitable new lender. An experienced broker can then advise you on the best available deals on the basis of your specific needs and requirements. 

If you’d like to be introduced to a broker with strong experience in remortgaging, call us today on 0808 189 2301 or make an enquiry here and we’ll be in touch to discuss your requirements.

Which are the best remortgage lenders?

As mentioned above, the best remortgage lender for you will depend on your goals, the type of product you want (e.g. fixed, offset, variable, tracker), whether you want to release funds for financing a project (‘remortgage for capital raising’ or make any other substantial changes to your borrowing such as switching from a repayment to an interest only deal - and it will also be limited by the number of lenders whose criteria you meet. 

The following summary should help to give you an idea of the remortgage products that are available at the time of writing, and how they might be suitable for different types of borrower - but to get a more complete picture, speak to an expert about the latest deals and which ones you might qualify for. 

Halifax remortgage

Remortgaging with Halifax is an option for qualifying homeowners looking to switch from another provider, or for those looking to remortgage with capital raising for projects such as home improvement.

The Halifax remortgage calculator is available online to give prospective customers an idea of what their repayments could look like and how much they could borrow, but do be aware before you plug in your numbers that Halifax does not offer remortgages on an interest-only basis.

Nationwide remortgage

Nationwide remortgages are available to those who meet the criteria either on a fixed or tracker basis, with fixed rates up to 10 years (at the time of writing). New customers have a selection of products both with and without up-front product fees, and choice of free standard legal fees or £500 cashback at time of writing. Nationwide’s remortgage calculator is available on their site. 

If you’re remortgaging a property you bought with Help to Buy, be aware that Nationwide does not currently allow remortgaging with capital raising on properties where there is an existing Help to Buy equity loan in place, but you can still switch to Nationwide in this situation if you’re not releasing any equity. 

HSBC remortgage

HSBC provides several remortgage products allowing eligible customers to switch from another provider with optional capital raising for purposes including home improvement, debt consolidation (excluding tax bills) and business purposes. A wide range of construction types are acceptable. However, like Nationwide, it does not accept applicants looking to pay off a Help to Buy equity loan. 

Santander remortgage

For those looking to remortgage, Santander is an option whether looking to make a simple switch or to release equity for a project such as home improvement, debt consolidation or towards the purchase of an investment property. Santander will consider remortgage with capital raising up to 75% LTV. Santander does not allow customers to remortgage in order to raise capital for business purposes, however. 

The Santander remortgage calculator is free to use and can help to give you a ballpark figure for what you could borrow when you switch to one of their products. 

Be aware that if you’re looking to remortgage with Santander for debt consolidation, they will still factor your debts in as if they’re not being paid off. This will often mean that the amount they’ll lend will be less than other high street banks.

Natwest remortgage

Natwest has a range of remortgage products that allow eligible new customers to switch from other providers and to release equity as part of the process if they wish to do so for purposes including home improvements with a mortgage of up to 90% Loan to Value. They do not accept capital raising applications for paying off Help to Buy loans, or for business purposes or tax bill.   

Customers can remortgage on a repayment or interest-only basis, however Natwest interest only remortgage is not available where the applicants’ income or combined income is less than £75,000 per annum, and where they have built up a certain amount of equity in the property. 

Accord remortgage

Accord is an intermediary-only provider, which does not deal directly with the public, so you will need to work with a broker to gain access to their remortgage products, which include capital raising remortgages that can be used for various purposes including paying off the Help to Buy equity loan.

Accord allows customers to remortgage on a repayment or interest-only basis, with no minimum income requirement. The Accord buy to let remortgage is available with a Loan to Value ratio of up to 75%. They lend on a variety of construction types but do not accept 100% timber construction or on studio flats of any kind.

Aldemore remortgage

Aldemore is another provider whose products are only available via a broker. Its remortgage products allow for capital raising for a variety of reasons, including business purposes and debt consolidation. 

Aldemore has a stated commitment to helping homeowners who are struggling to refinance due to complicated financial history, so may be a good option if you’ve been turned down elsewhere for reasons relating to your credit record.

Their affordability calculations are often more generous that most for self employed clients too.

Barclays remortgage

Qualifying customers can remortgage with Barclays either as a straightforward switch from another provider or with capital raising for various purposes including home improvement, gifting money to family members or consolidating debt - however they do not allow any aspect of debt consolidation if the mortgage is being taken on an interest only basis.  

Woolwich remortgage

If you’re looking for information on Woolwich remortgage products, please note that the Woolwich brand name is no longer used, having been incorporated into Barclays’ UK mortgage division. If you are a current Woolwich customer wanting to make a product switch, you can therefore do this by contacting Barclays. 

In additional to the lenders listed above, the advisors we work with have also successfully arranged remortgage deals with the following lenders, and many more:

  • Abbey
  • First direct
  • Shawbrook Bank
  • Lloyds
  • The Mortgage Works
  • Post Office
  • TSB
  • Godiva
  • Yorkshire Building Society

Why speak to a broker about remortgaging?

Remortgaging may sound like a simple enough prospect to a seasoned homeowner, but in many respects it’s every bit as complicated as arranging a first mortgage, and the opportunities to save money are significant. 

For this reason alone it’s a good idea to work with a broker to ensure you don’t miss out on any of the best deals, including those that you can’t apply for directly, and of course they can offer bespoke advice at every stage of the process.

Brokers also have an in-depth knowledge of which lenders are the best fit for their clients, so by working with one you are far less likely to have applications rejected than if you handle the process yourself. Too many applications can lead to marks on your credit record, which is of course the last thing you need when arranging a mortgage. 

Get expert advice on finding the best remortgage lenders 

If you are ready to remortgage your property and would like to work with a broker to find the most suitable lender, call us today on 0808 189 2301 or send us a message here, and we’ll be happy to assist you.

Here at Online Mortgage Advisor we only work with accredited brokers with a whole-of-market view and great track record in successfully arranging remortgages for our customers, who have consistently rated us 5 stars on Feefo for service and quality of advice.

Updated: 22nd August 2019
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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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