Once your discount, tracker or fixed-rate mortgage ends, you’ll be moved onto your lender’s 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.
If you don't remortgage your payments could go up by£0 a year
Based on your monthly payments it looks like your deal may have already ended.
It could be time to remortgage and make some savings to put towards things you'll love!
We can help you find a better deal
Answer a few questions and see how much you could save.Compare remortgages
Not remortgaging could cost you the same as...
Why pay potentially loads more each month when you could instead take your family on holiday?
Why overpay each month on your mortgage, when you could spend it on getting a new car?
Why not put that money you could be overspending on your mortgage into making home improvements to make it an even better place to live?
Instead of overpaying on the wrong mortgage deal, you could put that money into a savings account for a rainy day.
Need mortgage advice?We’ve partnered with London & Country Mortgages Ltd (L&C)** to provide you with fee-free mortgage advice.
About London & Country Mortgages Ltd (L&C)
**London & Country Mortgages Ltd (L&C) are a multi-award winning mortgage broker with over 20 years’ experience in helping people secure their perfect mortgage. Advice is provided by L&C, who are authorised and regulated by the Financial Conduct Authority (143002).
L&C are not part of Compare the Market Limited. Comparethemarket receive a % of the commission that our partner London & Country earns. All applications are subject to lending and eligibility criteria.
L&C will not charge you a broker fee should you decide to proceed with a mortgage.
How much can I remortgage my house for?
You can usually borrow the outstanding amount owed on your mortgage if you’re switching to a new deal. Or you might want to borrow more to release the equity tied up in your home.
Either way, lenders will treat your remortgage as a new mortgage application. When deciding how much you can remortgage for, they’ll consider a few factors, including:
- The current market value of your property
- Your financial circumstances, including your credit score, monthly income and outgoings
- Your loan-to-value ratio (LTV) – the amount you want to borrow as a percentage of the property’s value.
How does the remortgage calculator work?
Once your current mortgage deal comes to an end, your rate will change to your lender’s Standard Variable Rate (SVR). We’ve calculated how much you could pay if you don’t remortgage before you change to a lender’s typical SVR of 7.28%.
Our tool makes this calculation based on your outstanding mortgage balance, the time left before your mortgage is completely paid off and the discounted rate you received in those first few years.
View our other calculators
Use our mortgage calculator to work out how much you could afford to buy your next home.
Equity release calculator
If you are over 55 and a UK homeowner, use our calculator to find out how much equity you can release.
Our calculator can help you work out what your monthly repayments could be, based on what you want to borrow.
Stamp duty calculator
Our calculator shows you the result for each of the home nations, so you can easily see what applies for the location of your new property.
Frequently asked questions
Is it worth remortgaging?
Remortgaging to a better deal could potentially save you thousands of pounds. It might be worth remortgaging for the following reasons:
- Your current deal is coming to an end and you can find a better rate than your lender’s SVR
- You want to overpay on your mortgage so you can pay it off sooner
- You want to remortgage to release equity for home improvements
- Your property’s value has increased significantly, so you may be in a lower LTV band and eligible for a better interest rate.
How much can you save by remortgaging?
The actual amount you’ll save depends on your outstanding mortgage balance, the mortgage rate and the length of term. You’ll need to consider these factors when taking out a mortgage or remortgaging to a new deal.
Can I remortgage early?
Yes, you should be able to remortgage whenever you like. However, if you remortgage early, before your current agreement is due to end, you’ll most likely have to pay an early repayment charge. This is normally a percentage of the outstanding mortgage balance.
Who can remortgage?
As a homeowner, you should be able to remortgage at any time, but it can depend on your financial circumstances. Usually, it’s best to wait until your current deal is coming to an end.
You might also be able to remortgage if you’re mortgage-free and own your home outright. Again, it depends on your current financial situation.
If you feel your financial situation could make remortgaging complicated, we’ve partnered with London & Country Mortgages Ltd (L&C)** to provide you with fee-free mortgage advice. They can help you find the right option.
How long does it take to remortgage?
The remortgaging process typically takes around four to eight weeks to complete, although a simple switch of rate with your existing lender for the same balance can be done in less than a day.
It can take longer if you’re looking to borrow more or release equity, 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.
How can I find the best interest rate when I remortgage?
There’s a few things you can do to help you find the best interest rate:
- Improve your credit score – a higher credit score could give you access to better deals.
- Reduce your LTV – if you’re in a lower loan-to-value band, you can often find cheaper remortgage deals.
- Build up a steady employment record – lenders like stability and a steady income.
- Compare deals – save time by comparing a wide range of mortgage deals through Comparethemarket.
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