Remortgage Calculator
Compare your mortgage now with a new deal: the monthly saving, the fees, any early repayment charge, and how long until switching pays for itself.
Your mortgage now
From your latest statement or your lender’s app.
If your deal is ending, use the rate you’ll move onto when it does: usually your lender’s standard variable rate. It’s in your mortgage offer, or your lender can tell you.
Not close to what you pay? Check what you owe, the rate and the years left.
The new deal
With your lender (a product switch) or a new one.
Over the 5-year deal
Worth knowing
The interest you save pays back the costs after 3 months. From then on you’re better off than staying where you are.
It’s worth looking at your options around six months before your deal ends. If you do nothing, your mortgage usually moves to the lender’s standard variable rate when the deal ends.
Adding the £999 fee to the loan means paying interest on it: about £196 over the 5-year deal. Paying it up front avoids that, if you can.
Staying with your lender? A product switch works the same way: put in the rate they’ve offered. We can check it against other lenders for you.
Year by year
| By the end of | Payments saved | Better off |
|---|---|---|
| Year 1 | £3,434 | £4,027 |
| Year 2 | £6,867 | £9,006 |
| Year 3 | £10,301 | £13,928 |
| Year 4 | £13,734 | £18,780 |
| Year 5 | £17,168 | £23,550 |
Better off counts the fees and charges, and the difference in what you’d still owe.
An illustration, not a quote. It assumes your rate now and the new rate both stay the same for the 5-year deal, with the normal monthly payments. A variable rate can change at any time.
Want us to check this for you?
We’ll look at what your lender and other lenders would offer, and whether to switch now or when your deal ends.
These figures are a guide, not a quote. The rates you could get depend on your loan to value, your income and outgoings, your credit history and the lender.
Want us to check this for you?
Leave your name and number and a CeMAP-qualified advisor will call to go through your figures: what your lender and other lenders would offer, and whether to switch now or when your deal ends.
Darren, Beth, Ben & JakeYour advisors, at our office in Poole
- Rated 5.0 from 160+ Google reviews
- Calls answered in 22 seconds on average
- Open Monday to Saturday, 9am to 5pm
How this remortgage calculator works
It compares two choices over the length of the new deal: carrying on at the rate you pay now, or switching to a new rate. It counts the monthly payments, the interest, the fees and any early repayment charge, and what you’d still owe at the end. So the figure it gives is what you’d be better off by after costs, not just the difference in the monthly payment.
Which rate to use for your mortgage now
If your deal is ending, use the rate you’ll move onto when it does. With most lenders that’s their standard variable rate (SVR). It’s in your mortgage offer, or your lender can tell you. If you’re part-way through a fixed or discounted deal, use the rate you’re paying now and tick the box for leaving early.
The lowest rate isn’t always the cheapest deal
The lowest rates often come with the highest fees, and on a smaller mortgage a big fee can cost more than the lower rate saves. Try a deal with a fee and one without, and compare what you’d be better off by. Adding the fee to the loan means you don’t pay it up front, but you pay interest on it. Cashback, and the free valuation and free legal work that many remortgage deals include, make a deal cheaper.
Early repayment charges
Leave a fixed or discounted deal before it ends and most lenders charge an early repayment charge (ERC), usually a percentage of what you owe that falls each year. Your mortgage offer shows it, and your lender can tell you the figure today. If your deal ends in the next few months, it’s often better to secure a new rate now, ready to start the day your deal ends, than to pay the charge.
Remortgage or product switch?
A product switch, also called a product transfer, is a new deal with the lender you already have. It’s usually quicker, often with no valuation or legal work. A remortgage moves you to a new lender, which can mean a lower rate, or borrowing more. The calculator works the same way for both: put in the rate you’ve been offered. More on product transfers.
Loan to value
Add your home’s value and the calculator shows your loan to value: what you owe as a percentage of what your home is worth. Lenders price their rates in loan to value bands, so if you’ve paid the mortgage down or your home has gone up in value since your last deal, lower rates may be open to you. If you’re just over a band, the calculator shows how much you’d need to pay off to get under it.
When to start looking
It’s worth looking at your options around six months before your deal ends. If you do nothing, your mortgage usually moves to the lender’s standard variable rate when the deal ends.
What these figures don’t include
The results are illustrations, not a quote. They assume your rate now and the new rate both stay the same for the whole deal; a variable rate can change at any time. The rates you could get depend on your loan to value, your income and outgoings, your credit history and the lender. For figures based on your own mortgage and today’s rates, request a quote or call us on 01202 733 809. Read our guide to remortgaging.
Next step: Our guide to remortgaging