Remortgage calculator

Find out how much remortgaging could save you with our remortgage calculator.

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You could borrow up to

Loan to value (LTV):

00%

Including your deposit, you could afford a house price up to:

Other fees you may have to pay:

Broker fee (with Better.co.uk)

Free

Additional fees

Learn more
You may have to pay an early repayment charge if you remortgage.
Your home could be repossessed if you don't keep up repayments on your mortgage.
This calculator is only an estimate of how much you may be able to borrow. Talk to a mortgage broker or lender to get a more accurate figure.

What is a remortgage calculator?

Our remortgage calculator is a quick and easy tool that shows you how much you stand to save by switching your mortgage to a new deal. 

To use the calculator, you need to enter your:

  • Property’s current market value

  • Outstanding mortgage amount 

  • Current monthly repayment amount

  • Mortgage term

We’ll then show you what you could save a year by remortgaging or let you know if you don’t need to remortgage at this time. 

If you decide that remortgaging might be the right option for you, one of our expert mortgage advisors will help you find the right deal. Alternatively, you can start by comparing remortgaging rates.

How does our remortgage calculator work?

Our mortgage calculator for remortgages looks at your current monthly payments to see if you could pay less by switching to a new 2-year fixed or tracker mortgage.

The calculator also uses your mortgage balance and property value to work out your loan-to-value (LTV) ratio to apply a relevant rate that you could be eligible for.

The rates we use are the latest average interest rates for recommended remortgages available at your LTV. 

Be aware that the calculator is for guidance only and doesn’t take into account all of your personal circumstances, including your affordability or credit score. To determine exactly what remortgage rate you could be eligible for, speak to one of our expert brokers.

When should I remortgage?

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.

Can I remortgage to release equity?

Using a remortgage calculator to release equity is the main way to borrow more money by remortgaging. If the value of your property has increased, or you've cleared a good chunk of your mortgage balance, you will have more equity built up in your property.

Remortgaging to release equity means increasing the size of your loan to unlock some of that equity you have tied up in your property. If you want to increase your borrowing, your lender may ask why you want the extra funds.

Releasing equity can be a good option if you want to carry out home improvements, clear any other outstanding debts, or you have a large expense to pay for, like a wedding or helping your children onto the property ladder.

What fees will I pay to remortgage?

Remortgaging can be a good way to reduce your monthly payments or access more money, but be aware of any fees involved. Always factor these into any decision, as they could cancel out any savings you make through cheaper repayments. 

Here’s a list of potential fees you might face when you remortgage:

  • Early repayment charge (ERC): Early repayment charges are applied when you pay off your mortgage before the end of your agreed term. It’s usually charged as a percentage of the mortgage balance and compensates the lender for lost interest income.

  • Arrangement or product fee: This is charged by the new lender for setting up your mortgage. The cost of these vary between lenders and products but can be anywhere between £300 and £2,000. 

  • Booking fee: This fee is paid to your new lender for securing a new mortgage deal. Not many lenders charge these any more, but some do. They can be as much as £200 and are non-refundable. 

  • Valuation fee: This is charged to cover the lender's cost of valuing your property. It is sometimes included in your remortgage package, but you may have to pay it separately.

  • Conveyancing fee: If you are switching to a new lender, you will probably need to pay legal fees. Some deals include conveyancing, but if not, you’ll have to find and pay for your own solicitor.

  • Broker fee: If you use a mortgage broker to find your remortgage deal, they may charge a fee for their service. Better.co.uk offer a fee-free service for most customers.

  • Deeds release fee: This is also known as a discharge or mortgage completion fee and covers the legal costs of returning the title deeds to you or your new lender.

  • CHAPS fee: This fee covers the electronic transfer of your mortgage balance to your new lender. It varies by lender but is usually between £20 and £35.

Our expert says...

“Our remortgage calculator is a quick and easy way to see if you could get a better deal and save money by remortgaging. It takes into account your current repayments and shows how much you could save each year by switching.

“Remortgaging isn’t always the right option, but it can be a great way to save money, get access to your equity, or change your mortgage terms. Chat to one of our expert advisors to find the right remortgage option for you.”

Jon Bone \ CeMAP-qualified

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Where to go from here

Remortgage calculator FAQs

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.

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Important info & marketing claims

You may have to pay an early repayment charge to your existing lender if you remortgage. Your savings will depend on personal circumstances.

Your home may be repossessed if you do not keep up repayments on your mortgage.

*The savings figure of £506 is based on Better.co.uk remortgage customers in December 2023. Read more on our marketing claims page.

We can't always guarantee we will be able to help you with your mortgage application depending on your credit history and circumstances.

Average mortgage decision and approval times are based on Better.co.uk's historic data for lenders we submit applications to.

Tracker rates are identified after comparing over 12,000 mortgage products from over 100 mortgage lenders.

As of January 2023, Better.co.uk has access to over 100 lenders. This number is subject to change.

For buy-to-let landlords, there's no guarantee that it will be possible to arrange continuous letting of a property, nor that rental income will be sufficient to meet the cost of the mortgage.