Looking for the Best Mortgage Refinance Lenders in the UK can be a daunting task, especially with over 50 mortgage lenders in the market.

However, with the right information, you can make an informed decision and save money in the process. In this article, we will review the best mortgage refinance lenders of January 2024 in the UK, so that you can make an informed decision.

Whether you’re seeking better interest rates, lower monthly payments, or cashing out on your home equity, our review will help you make an informed decision and find the most suitable lender for your needs.

Best Mortgage Lenders January 2024

We reached out to major mortgage lenders in the UK, as identified by the trade association UK Finance, to inquire about their procedures for securing a mortgage deal in advance. Below, we’ve given some of the top Mortgage Refinance Lenders and some essential points of these mortgage lenders.

Halifax Mortgages

Halifax offers a range of mortgage products for First Time Buyers, Home Movers, and Remortgage customers. The lender has recently reduced interest rates on several of its mortgage deals, potentially leading to further decreases in home loan costs in 2024.

Halifax Mortgages

Existing Halifax Mortgage customers are also eligible for various deals and rewards, such as the HelloHome service and the Green Living Reward, which offers up to £1,000 cashback for qualifying mortgages.

Available Terms2 to 40 years
Minimum Loan Amount£25,000
Repayment OptionsCapital & Interest; and Interest Only
Agreement in Principle OnlineYes
Track Your Application OnlineYes

Pros:

  1. Halifax offers both capital repayment and interest-only mortgages.
  2. Mortgages are available with Loan-to-Value (LTV) ratios of 85% and higher.
  3. A variety of mortgage terms, extending up to 40 years, provides flexibility.
  4. Options for Right to Buy, Shared Ownership, and First Homes mortgages are available.
  5. Halifax provides multiple customer support options for assistance.

Cons:

  1. Some other lenders offer smaller minimum mortgage amounts, below £25,000.

Barclays Mortgages

Barclays offers a diverse range of mortgage products, including options for home movers, first-time buyers, individuals looking to remortgage, and those interested in buy-to-let mortgages. The minimum loan amount for Barclays mortgages is £5,000, and the repayment term can extend from five to 40 years. 

Barclays Mortgages
Available Terms5 to 40 years
Minimum Loan Amount£5,000
Repayment OptionsCapital & Interest; Interest Only
Agreement in Principle OnlineYes
Track Your Application OnlineYes

Pros:

  1. Barclays provides both capital repayment and interest-only mortgages.
  2. Mortgages with Loan-to-Value (LTV) ratios of 85% and above are available.
  3. A low minimum loan amount of £5,000 makes it accessible.
  4. Options for Right to Buy and Shared Ownership mortgages are offered.
  5. Multiple contact methods are available for customer support.

Cons:

  1. Full mortgage applications cannot be completed online.
  2. Other lenders may offer mortgage terms shorter than five years.
  3. Barclays does not provide mortgage options for buyers using the First Homes scheme.

Lloyds Bank Mortgages

Lloyds Bank offers a range of mortgage products for First Time Buyers, Home Movers, and Remortgage customers. Existing Lloyds Bank mortgage holders may be able to borrow more or switch to a new deal.

Lloyds Bank Mortgages
Available Terms2 to 40 years
Minimum Loan Amount£25,000
Repayment OptionsCapital & Interest; Interest Only
Agreement in Principle OnlineYes
Track Your Application OnlineYes

Pros:

  1. Capital repayment and interest-only mortgages are offered by Lloyds.
  2. A diverse range of mortgage terms, extending up to 40 years, is available.
  3. Mortgages at 85% Loan-to-Value (LTV) and higher are provided.
  4. Lloyds supports Right to Buy, Shared Ownership, and First Homes scheme mortgages.
  5. A wide array of customer support options is available.

Cons:

  1. Other lenders may offer smaller minimum loan amounts below £25,000.

Santander Mortgages

Santander Mortgages is a service provided by Santander Bank that offers various mortgage options to customers. Additionally, Santander provides mortgage payment assistance, deeds-in-lieu of foreclosure, mortgage modification, short sales, and homeowner assistance programs to support customers facing financial hardships. 

Santander Mortgages
Available Terms5 to 40 years
Minimum Loan Amount£6,000
Repayment OptionsCapital & Interest; Interest Only
Agreement in Principle OnlineYes
Track Your Application OnlineYes

Pros:

  1. Santander provides both capital repayment and interest-only mortgages.
  2. Mortgages with Loan-to-Value (LTV) ratios of 85% and higher are available.
  3. Right to Buy and Shared Ownership mortgage options are offered.
  4. A low minimum mortgage amount of £6,000 makes it accessible.
  5. Various methods are available to contact customer support.

Cons:

  1. Other lenders may offer mortgage terms shorter than five years.
  2. Santander does not provide mortgages for buyers using the First Homes scheme.

NatWest Mortgages

NatWest Mortgages offers a range of mortgage options and online services for both existing and new customers. The NatWest provides different types of mortgages, including fixed-rate mortgages, tracker mortgages, and interest-only mortgages.

NatWest Mortgages
Available Terms3 to 40 years
Minimum Loan Amount£25,000
Repayment OptionsCapital & Interest; Interest Only
Agreement in Principle OnlineYes
Track Your Application OnlineYes

Pros:

  1. Both capital repayment and interest-only mortgages are available.
  2. Mortgages at 85% Loan-to-Value (LTV) and above are offered.
  3. Options are available for buyers using the Right to Buy scheme.
  4. Various methods are provided for contacting customer support.

Cons:

  1. No options are available for buyers using Shared Ownership or the First Homes scheme.
  2. Other lenders may offer smaller minimum mortgage amounts below £25,000.

TSB Mortgages

TSB Bank offers a variety of mortgage options for UK residents over 18 years old, including fixed-rate mortgages for 2, 3, 5, or 10 years, adjustable-rate mortgages, secondary market mortgages, home equity loans, and home improvement loans.

TSB Mortgages

Existing TSB mortgage customers can switch their mortgage deals, borrow more, or move home online in as little as 10 minutes, with no documents required and no legal or valuation fees.

Available Terms1 to 40 years
Minimum Loan Amount£5,000
Repayment OptionsCapital & Interest; Interest Only
Agreement in Principle OnlineYes
Track Your Application OnlineNo

Pros:

  1. TSB provides both capital repayment and interest-only mortgages.
  2. Mortgages at 85% Loan-to-Value (LTV) and higher are available.
  3. Right to Buy and Shared Ownership mortgage options are offered.
  4. TSB offers a wide range of mortgage terms, spanning from one to 40 years.
  5. A low minimum mortgage amount of £5,000 is available.
  6. There is a diverse range of customer support options.

Cons:

  1. Online tracking of your mortgage application is not available.
  2. TSB does not provide mortgage options for buyers using the First Homes scheme.

HSBC Mortgages

With HSBC mortgages, you have six months to decide if you want to go through with the offer. You can pay the fees upfront or include them in your mortgage.

HSBC Mortgages

If you pay upfront but don’t complete the mortgage, the fees are usually non-refundable unless there are exceptional circumstances. HSBC has a good customer experience score of 60%.

Available Terms5 to 40 years
Minimum Loan Amount£10,000
Repayment OptionsCapital & Interest; Interest Only
Agreement in Principle OnlineYes
Track Your Application OnlineYes

Pros:

  1. HSBC provides both capital repayment and interest-only mortgages.
  2. Mortgages at 85% Loan-to-Value (LTV) and higher are available.
  3. Right to Buy and Shared Ownership mortgage options are offered.
  4. HSBC provides a diverse range of customer support options.

Cons:

  1. HSBC does not offer mortgages for buyers using the First Homes scheme.

Nationwide Mortgages

Nationwide’s mortgage offers are good for six months from when they make the offer. This gives you time to decide whether to stick with it or look for a better deal.

Nationwide Mortgages

If there’s a fee with the mortgage, you can pay it upfront or add it to the loan when you finish everything. If you pay upfront but decide not to go through with the mortgage, Nationwide will give you all your money back.

Nationwide has a high customer service score of 73%.

Available Terms2 to 40 years
Minimum Loan Amount£25,000
Repayment OptionsCapital & Interest; Interest Only
Agreement in Principle OnlineYes
Track Your Application OnlineYes

Pros:

  1. Nationwide offers mortgages at 85% Loan-to-Value (LTV) and higher.
  2. Right to Buy and Shared Ownership mortgage options are available.
  3. A broad range of mortgage terms, from two to 40 years, is provided.

Cons:

  1. Interest-only mortgages are only available through intermediaries.
  2. Nationwide does not offer mortgages for buyers using the First Homes scheme.
  3. Other lenders may provide smaller minimum loan amounts below £25,000.
  4. Nationwide does not offer customer support at a branch.

How to Choose the Best Refinance Lender for You?

To refinance your mortgage, you don’t have to stick with the same bank. It’s smart to check what at least three different lenders are offering. Look at things like interest rates and closing costs. Also, see if they have any extra requirements, like a good credit score or a certain amount of money invested in your home.

Some lenders charge a set fee for changing your mortgage. This might be good if you’re borrowing a lot and the fees are reasonable. Others offer a “no closing cost” option, where you can include the fees in your new loan. But be careful because this usually means a higher interest rate.

Be cautious if a lender is pushing you to change your mortgage, especially if it doesn’t seem like a good deal for you. A trustworthy person helping you with the loan should help you figure out if it makes sense for your situation.

Similar Posts