Remortgage Calculator
Calculate potential savings from remortgaging your property. Compare your current mortgage with new deals, including all fees and costs, to see if switching will save you money.
Your Current Mortgage
Enter details about your existing mortgage
When to Consider Remortgaging
- End of Fixed Rate: Your current deal is coming to an end
- Better Rates Available: Market rates have fallen significantly
- Improved Circumstances: Better credit score or higher income
- Property Value Increase: Lower LTV ratio qualifies for better rates
- Change Requirements: Need to borrow more or change terms
- Poor Service: Issues with current lender's service
Remortgaging Considerations
- Early Repayment Charges: Check if you'll face penalties
- Property Valuation: Current value affects available rates
- Credit Score: Must maintain good credit for best deals
- Income Changes: Affordability assessed against current income
- Market Timing: Consider future rate predictions
- Total Costs: Factor in all fees, not just monthly savings
Frequently Asked Questions
Common questions about remortgaging
When is the best time to remortgage?
The best time to remortgage is typically 3-6 months before your current deal ends. This gives you time to research options and complete the process without reverting to your lender's higher standard variable rate. Also consider remortgaging if rates have dropped significantly or your circumstances have improved.
How much does remortgaging cost?
Typical remortgaging costs include arrangement fees (£0-£2,000), valuation fees (£150-£500), legal fees (£300-£800), and potentially early repayment charges. Total costs often range from £500-£3,000, but many lenders offer free valuations and legal work to attract customers.
Can I remortgage to borrow more money?
Yes, this is called a "remortgage with additional borrowing." You can typically borrow up to 80-90% of your property's current value, minus your existing mortgage balance. The extra funds can be used for home improvements, debt consolidation, or other purposes, but consider the increased monthly payments.
What if my property value has decreased?
If your property value has fallen, your loan-to-value ratio increases, which may limit your remortgaging options and result in higher interest rates. You might need to make an additional payment to reduce the mortgage balance, or you may need to wait until property values recover or you've paid down more of the mortgage.
How long does the remortgaging process take?
The remortgaging process typically takes 4-8 weeks from application to completion. This includes time for the lender's valuation, legal work, and various checks. Simple remortgages with the same lender might be faster, while complex cases or busy periods might take longer. Start the process early to avoid delays.