Remortgage deals September 2022

As interest rates go up, we’ve found the latest remortgage deals and highlight why it’s worth switching

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(Image credit: getty images)

Remortgaging can slash thousands off your annual outgoings. To help you find the best deal, we’ve researched the best remortgage rates available now.

With interest rates rising again to1.75%, the highest it’s been for 40 years, now could be the perfect time to review your mortgage to make sure you are on the best deal.

Your mortgage is likely to be your biggest monthly outgoing so keeping up to date with the latest remortgage deals is vital to ensure you are spending your money wisely and minimising the impact of rising prices on your finances as much as possible.

When you first take out a mortgage, lenders lure you in with a great deal for the first few years that’s cheaper than their standard variable rate (SVR), which generally goes up and down with the base rate. The deal usually lasts for two, three or five years but after this your rate is likely to jump up, which means higher monthly payments. SVRs have increased recently along with the base rate and more rises are expected.

So, what can you do? The answer lies in remortgaging. This is when you take out a new mortgage on a property you own, usually to replace your existing one to save money by getting another initial deal. You can do this either with a new lender or by switching to a new deal with the same one.

Taking out a fixed rate, which the majority of borrowers do, will give you peace of mind that you’ll know what your mortgage payments will be over the period of the deal. Three quarters of all outstanding residential mortgages are fixed according to trade body UK Finance.

‘The narrowing cost benefit of two-year compared to five-year fixed rates may incentivise consumers to consider the added security of fixing payments for a longer term. Those wanting to fix for an even lengthier time might be pleased to see that the average 10-year fixed average rate has barely changed since the start of month, inching up by 0.01% to sit at 4.20% today. This is actually 0.04% lower than the current average five-year fixed rate,’ says Eleanor Williams, a finance expert at

You may also find our article on the pros and cons of remortgaging useful.

If the timing’s right, your new deal starts before your old one ends, taking you seamlessly from one lot of discounted mortgage payments to another. You can keep doing this until you get towards the end of your mortgage, when switching becomes less worthwhile and harder to do, as the minimum term for a new mortgage is usually five years and there will be a minimum amount you can borrow.


Here are the best five-year fixed-rate remortgage deals currently available throughout the UK. Mortgage selection based on data from Total cost figures are for borrowing £150,000 over a 20-year term and are rounded to the nearest pound.

Best for borrowing up to 60% LTV 

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 Halifax (opens in new tab) – 3.53%

  • Max LTV: 60%
  • Product fee: £0
  • Total cost over five years: £52,715

There are no valuation or legal fees to pay with this deal. You can make overpayments of up to 10% a year without charge but, as with most mortgages, early repayment charges apply until the end of the initial deal period. Halifax also offers a deal with a lower interest rate of 3.41% but product fees of £995 so you’d end up paying £441 more over the deal period.

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 Lloyds Bank (opens in new tab) – 3.36%

  • Max LTV: 60%
  • Product fee: £999
  • Total cost over five years: £52,930

Although this deal has a lower interest rate than the Halifax one above, it has a product fee of £999, making it £215 more expensive over the five-year fixed-rate deal period. There are no valuation or legal fees to pay. You can make overpayments of up to 10% extra a year without charge. There are early repayment charges in the first five years.

Best for borrowing up to 80% LTV 

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Halifax (opens in new tab) – 3.64%

  • Max LTV: 80%
  • Product fee: £0
  • Total cost over five years: £53,126

As with many other remortgage deals, there are no valuation or legal fees to pay with this mortgage. Early repayment charges apply during the initial five-year period. These tend to decrease over time – in this case you’d pay 5% of the original loan amount to repay your mortgage in the first year but 1% in year five. You can overpay by up to 10% extra a year without charge.

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Lloyds Bank (opens in new tab) – 3.48%

  • Max LTV: 80%
  • Product fee: £999
  • Total cost over five years: £53,383

Although this deal has a lower interest rate than the Halifax one above, it’s more expensive over the first five years because it has a product fee. As with all the remortgage deals featured here, you don’t have to pay valuation or legal fees. There are early repayment charges in the first five years but you can overpay by up to 10% a year without charge.

Why should I remortgage?

Most people remortgage to save money when their initial deal ends and the savings can be huge. For example, if you were with NatWest paying its current standard variable rate (SVR) of 4.99% on a £150,000 mortgage with 20 years to go you would be paying £989 a month – a total of £59,340 over five years (assuming the rate stays the same over the five years – as it’s variable it could go up or down at any time).

But if you switched to the best five-year fixed-rate deal from Halifax above at 3.53% you would be paying £872 a month and it would cost you just £52,715 over five years – a saving of £6,625.

How can I get the best remortgage deal?

Lenders offer a different set of deals for remortgages than for first-time buyers or moving home, although some may be available to all borrowers.

To find the best deal for you it’s a good idea to speak to a mortgage broker (find one on unbiased (opens in new tab) or vouchedfor (opens in new tab)) as they will be able to look at the whole available market. They will also have access to deals that aren’t available directly from lenders. Alternatively, you can use comparison sites, like Moneysupermarket, Uswitch, or our sister site GoCompare (opens in new tab).

When you’re comparing deals you should look at the total cost over the deal period, which will include the cost of the fees involved, rather than just the initial rate. 

The smaller the proportion of the property’s value you’re borrowing (known as the loan-to-value or LTV) the lower the rate you’ll pay.

Cathy has been a journalist since 2001 and specialises in money, property and technology. Before going freelance in 2018 she worked at Which? for 12 years, first as a money writer then as an editor in the money, home, tech and cars teams. Publications she has written for as a freelancer include,, The i Paper, the London Evening Standard, Which? and Which? Computing.