Remortgage calculator

When your fixed-rate or variable-rate mortgage deal comes to an end, your lender will automatically move you on to their Standard Variable Rate (SVR). 

Your lender sets this rate and can change it at any time. It typically fluctuates in response to changes in the Bank of England base rate or other market factors. 

SVRs are usually more expensive than any other deals, so switching at the end of the current deal is important to avoid your payments shooting up.

If your current rate is higher than other deals available on the market, work out if you could save by remortgaging.

You may get a better deal because interest rates have fallen since you took out your mortgage. You could also find a cheaper rate if your loan to value (LTV) has improved as you’ve paid off some of your mortgage.

To work out if switching to a lower rate will save you money, you need to work out how much you’ll have to pay in fees. For example, if you’re leaving a fixed-rate mortgage before the end of the term, you’ll be charged an early repayment charge (ERC).

If the terms of your current mortgage don’t work for you anymore, you could remortgage to a deal that gives you more freedom.

For example, if your employment situation has changed and your income is less reliable, you might need a mortgage that allows you to take payment holidays.

Alternatively, you might now be in a position where you can overpay on your mortgage and want a product that allows you to do this without penalty.

To use our remortgage calculator, you need to know your:

• Property’s current market value: You can get a free valuation from an estate agent if you don’t have an up-to-date one

• Outstanding mortgage amount: This will be on your latest mortgage statement, or you can contact your lender to get the latest figure

• Current monthly repayment amount: This will be shown on your monthly bank statement

• Mortgage term: This is the number of years remaining on your mortgage term and can be found on your mortgage statement or by speaking to your lender

Our mortgage calculator uses the average interest rates for recommended remortgages at your LTV. It is designed to give you an idea of what you could save by switching to a 2-year fixed or tracker mortgage.

The calculator doesn’t consider all of your personal information that could influence the rates available to you. To find out exactly what remortgage deals you could get, speak to a mortgage broker.

Our remortgage calculator uses rates for residential mortgages, so it won’t give you an accurate result if you have a buy-to-let mortgage. 

If you are thinking of remortgaging your buy-to-let property, you can compare the latest buy-to-let rates here. If you’re ready to start looking for a new deal, speak to one of our expert brokers to go through all your options.

No, using our remortgage calculator won’t impact your credit score.  It is designed to be a quick and easy guidance tool and doesn’t search your credit history in any way. 

When you apply for a remortgage, your new lender will perform a hard credit check, which leaves a record on your credit report that other lenders can see. Having many hard searches on your credit report within a short period can impact your credit score. 

It’s important to remember that when you use other mortgage brokers or lenders to determine how much you can borrow, they may run a hard credit check.

How long it takes to remortgage can depend on several factors. If you’re remortgaging with the same lender, the process should be relatively fast by doing what’s known as a ‘product transfer’.

These can be set up months before your mortgage deal expires, and you will automatically switch to a new product. As you are not changing lenders, a lot of the checks and process of remortgaging are not required.

If you’re remortgaging with a new lender, the process can take one to two months once you’ve applied. However, this could be longer, depending on the efficiency of your lender or any issues with your application. 

It’s a good idea to start looking for a remortgage deal about six months before you need one. Most mortgage offers are valid for between three and six months, so it pays to start the process early.