Remortgage Calculator

Once your discount, tracker or fixed-rate mortgage ends, you’ll land on a standard rate which can cost much more each month. Use our remortgage calculator to find out how much this could cost you, if you don’t make the right switch.

Your home or property may be repossessed if you do not keep up repayments on a mortgage.

We need a few details about your mortgage

If you’re not sure about these, you can find them on your most recent mortgage statement. 

How many years total left on your mortgage?

What is your outstanding balance?

What is your current monthly payment?

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Frequently asked questions

Why should I consider remortgaging?

There are three main reasons why you may consider remortgaging your home. 

  1. Getting a better deal and saving money each month 
    If your existing mortgage deal is coming to an end, your lender will put you onto their standard variable rate. This is usually the worst place to be, as it tends to offer the highest rates. Before you end up on that higher rate, compare remortgage deals to find a better rate and save money each month for exactly the same home. 
  2. Make changes to how you repay your mortgage 
    By remortgaging to a new deal, you can make changes to how your mortgage works. You will be able to easily switch from interest-only to a repayment mortgage. However, you won’t be able to switch from repayment to interest-only, unless you can demonstrate that you have a credible repayment method to pay off the loan at the end of term. You could add the flexibility to overpay on your mortgage, whether that’s with any leftover money you don’t spend each month, or if you come into a sudden windfall. You can also reduce or extend your mortgage term, allowing you to either pay off your mortgage sooner, or extend it to lower your monthly repayments. 
  3. Release equity to access money 
    If you need access to a large sum quickly, remortgaging to release equity in your home is one way of doing so. A common reason for doing this is to fund an extension or other home improvements. By releasing equity, you’re essentially selling a portion of your home back to your provider, which will mean that your outstanding mortgage balance will increase, which will also see your monthly repayments become more expensive.  

How much can you save by remortgaging?

Remortgaging could save you thousands of pounds. This could be through securing a better mortgage rate, shortening your term or having the ability to make overpayments. All of these things can save you thousands of pounds in interest over the course of a long mortgage term. 

Of course, how much you could save specifically depends on several things. The outstanding mortgage balance, the mortgage rate and the length of term are the three main things to consider when taking out a mortgage or remortgaging to a new deal. 

Can I remortgage early?

There’s usually nothing to stop you from remortgaging early, but it may not always be worth it. 

When your mortgage deal ends, you’ll be free to switch to another deal, either with your existing mortgage provider or a new one. However, you’ll normally be allowed to agree a new mortgage deal up to six months before your current deal ends. This is the best time to shop around and compare mortgages, as they can take time to set up and be agreed. You don’t want to slip onto a variable rate, likely overpaying, because your deal is still waiting to be agreed. 

If you remortgage early, outside of your agreement, you’ll usually have to pay an early repayment charge. This is normally a percentage of the outstanding mortgage balance. This means an early repayment charge could easily cost thousands.

Who can remortgage?

It depends on your individual financial circumstances, but you may be able to remortgage if your current deal is coming to an end. 

You can still remortgage if you’re in the middle of a fixed-term mortgage deal. However if you’re still quite far from the end of your fixed term, it may not be your best option, as your current deal will likely have an expensive early repayment charge tied to it, which may outweigh any potential savings you could make. 

Remortgaging after retirement age (usually over 60), used to be difficult, as lenders are more hesitant to lend to people who are no longer working. However, retirement interest-only (RIO) mortgages are now more accessible. Your potential lender will still run a series of affordability checks, but as long as you can prove you’ll be able to meet your repayments, you could still find a new deal. 

Even if you own your home outright, you may be able to remortgage. 

If you feel your financial situation may make remortgaging complicated, talk to our partnered mortgage advisers from London & Country Mortgages Ltd. free of charge. They can help you find the right option for you. 

How long does remortgaging take?

It depends on how and why you’re remortgaging, but a simple switch of rate with your existing lender for the same balance can be done in less than a day. If you’re looking to borrow more or release equity, this can take longer, as the terms of your mortgage will change more significantly. 

If you’re remortgaging with a different lender, this can also take longer, because you’ll need to go through the full application process as a new customer. This will involve affordability checks, valuations and other legal processes. 

It’s important that you leave enough time before your existing deal ends, as leaving it too late could see you slip onto the more expensive standard variable rate for a few months. Most lenders will let you apply for a rate between three and six months before your current deal ends. 

How can I find the best interest rate when I remortgage?

You can spend hours and hours researching different remortgage options, going from one website to another or calling round all the banks. If you’d rather not waste your time with all that hassle, you can compare a wide range of remortgage options with us at Comparethemarket. With just a few details entered, we’ll search the market in less than 2 minutes[1] to find you mortgage quotes from lenders big and small. Once your results come back, we’ll order them from the cheapest to the most expensive, allowing you to see immediately how much you can save. From there, you can play around with our different filtering options, to find the deal that best suits you. 

[1] Correct as of December, 2022.

How is this figure calculated?

When you took out your mortgage, you probably got a discount, tracker or fixed-rate deal, which is better than the standard variable rate (SVR), for the first few years. At the end of this term, your rate will change to your lender’s SVR. With our tool, we’ve used your outstanding mortgage balance, the time left before your mortgage is completely paid off, and the discounted rate you got in those first few years, to calculate how much more it’ll cost you if you don’t remortgage before you change to a lender’s typical SVR of 5.44%.