Current Remortgage Rates — Compare the Whole Market

What Are the Best Remortgage Rates Right Now?

Mortgage rates rose sharply in October 2026 and the Bank of England then raised Bank Rate to 4.00% on 5 November 2026, the first rise since 2023. As of November 2026, the best five-year remortgage fixes for borrowers with at least 40% equity start at around 4.9%, and the best two-year fixes at around 5.0%. The average two- and five-year fix across all borrowers is about 6.0%.

The headline rate is only part of the picture. Many of the lowest rates carry arrangement fees of £999 to £1,499, so a slightly higher rate with no fee can work out cheaper on a smaller mortgage. Always compare the total cost over the fixed period, not just the rate.

The most competitive rates are typically available to borrowers with:

• A loan-to-value (LTV) of 60% or lower
• A strong credit history with no recent missed payments
• A stable employed income or provable self-employed earnings
• A mortgage of £150,000 or more (smaller mortgages attract slightly less competitive rates)

If you don't meet these criteria exactly, don't worry — there are specialist lenders who cater to every situation, and the rates available to you may still represent a significant saving compared to your current lender's SVR.

Fixed vs Tracker: Which Rate Type Is Right for You?

The choice between a fixed and tracker rate remortgage is one of the most common questions homeowners face. Here's a plain English breakdown:

Fixed rate remortgages lock your interest rate for a set period — usually 2, 5, or 10 years. Your monthly payment stays exactly the same regardless of what happens to the Bank of England base rate or the wider economy. This makes them the most popular choice for homeowners who want certainty and predictability.

Tracker rate remortgages follow the Bank of England base rate plus a set margin. If the base rate falls, your monthly payment falls too. If it rises, you pay more. Trackers often come with more flexible early repayment terms, making them useful if you're planning to sell or make large overpayments in the near future.

With Bank Rate now at 4.00% after the first rise since 2023, and the Bank warning that inflation is rising, a tracker carries more risk than it did a year ago: if rates rise again, so does your payment. A fix protects you from that, at the cost of flexibility. The right choice depends on your circumstances and how much payment certainty you need.

How Much Could You Save by Remortgaging?

The potential saving from remortgaging varies enormously depending on the size of your mortgage, your current rate, and the new rate you secure. To give you a sense of scale:

• A £200,000 mortgage on a standard variable rate of 7.1% (the November 2026 average) costs approximately £1,563 per month on a 20-year repayment basis
• The same mortgage at a competitive fixed rate of 4.9% costs approximately £1,309 per month
• That's a saving of about £254 per month, or roughly £3,050 per year

Even if you're not on an SVR — perhaps you're coming to the end of a fixed deal and your new lender's retention offer isn't competitive — remortgaging to a better rate across the market can still save hundreds of pounds annually.

Use our remortgage calculator to get a personalised estimate based on your own mortgage balance and current rate.

2-Year vs 5-Year Fixed: Which Should You Choose?

This is the most common question when comparing remortgage deals. There is no universally right answer — it depends on your personal circumstances and view on where rates are heading.

Choose a 2-year fixed if:

• You expect rates to fall significantly in the next 2-3 years and want to benefit sooner
• You're planning to sell your property within the next few years
• Your circumstances are likely to change (new job, income increase, paying down debt) and you want to remortgage again soon from a stronger position
• The 2-year rate is materially lower than the 5-year rate

Choose a 5-year fixed if:

• You want certainty and to not think about remortgaging again for a while
• You're happy with your current financial situation and mortgage balance
• The rate difference between 2 and 5 years is small (within 0.3-0.4%)
• You're on a tight budget and need consistent, predictable payments

In practice, 5-year fixes have been the most popular product throughout 2025 and into 2026. With rates having fallen from their 2023 peaks, many borrowers have been locking in for longer at historically reasonable levels.

What Fees Are Involved in Remortgaging?

The headline interest rate is only part of the cost of remortgaging. Understanding the fee structure is essential to comparing deals properly.

Arrangement fee (also called product fee): Charged by the lender for setting up the mortgage. These can range from zero to £2,000 or more. A lower rate with a high arrangement fee may cost more overall than a slightly higher rate with no fee — particularly on smaller mortgages or shorter fixed terms.

Valuation fee: Many lenders offer free valuations as part of their remortgage deals. Some may charge, particularly on higher-value properties or specialist products.

Legal fees: Remortgaging requires conveyancing work to transfer the mortgage. Many lenders include free legal work as an incentive. Where they don't, expect to pay £500–£1,500.

Early repayment charge (ERC): If you're remortgaging before your current deal ends, your existing lender will almost certainly charge an ERC. These are typically 1–5% of the outstanding mortgage balance. Always check whether the saving from a new rate outweighs the ERC before remortgaging early.

Broker fee: If you use a mortgage broker, they may charge a fee for their advice, though many whole-of-market brokers work on a procuration fee paid by the lender. Always check upfront.