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Remortgage Calculator

Compare your current deal to a new rate — see your monthly saving, total interest difference, and break-even point after switching costs.

Current Mortgage
£
%
Your current fixed or SVR rate
yrs
£
Leave 0 if deal has ended
New Mortgage Deal
%
yrs
Usually same as remaining term
£
Typical range: £0–£2,000
£
Legal + valuation (often free)

Current Deal

Monthly payment—
Rate—
Total interest—
Total repaid—

New Deal

Monthly payment—
Rate—
Total interest—
Total repaid—

Switching Costs & Break-Even

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Total switching costs
—
Break-even (months)
—
Net saving over term

How Remortgaging Works

When your fixed-rate deal ends, your lender moves you onto their Standard Variable Rate (SVR), which is typically 1–3% higher than available fixed rates. Remortgaging means switching to a new deal — either with your current lender (product transfer) or a new one.

The Main Costs

CostTypical RangeNotes
Early Repayment Charge1%–5% of balanceOnly if leaving mid-deal; reduces each year
Arrangement fee£0–£2,000Can usually be added to mortgage
Valuation fee£0–£500Often free on remortgage deals
Legal/conveyancing£300–£900Often free on remortgage deals
Broker fee£0–£500Whole-of-market brokers often free

LTV and Rate Tiers

Your Loan-to-Value (LTV) ratio determines which rate tiers you can access. As you pay down your mortgage (or if property values rise), you may cross into a better LTV band and unlock cheaper rates. Key thresholds: 90%, 85%, 80%, 75%, 70%, 60%.

Product Transfer vs Full Remortgage

A product transfer means switching to a new deal with your current lender — typically no valuation, no legal work, and faster. A full remortgage to a new lender may access better rates but involves more paperwork. Both options appear in this calculator; compare the numbers on each.

Break-Even Explained

The break-even point is the number of months it takes for your monthly saving to cover the total switching costs (ERC + arrangement fee + legal). If you plan to stay in your home (or keep this mortgage) beyond the break-even point, switching is almost certainly worth it.

Frequently Asked Questions

Start looking 3–6 months before your current deal ends. Many lenders let you lock in a new rate up to 6 months ahead with no obligation — so you can secure a rate now and switch on the day your current deal ends with no ERC.
An ERC is a penalty for leaving a fixed-rate mortgage before the deal ends. Typical ERCs are 1%–5% of your outstanding balance, decreasing each year. For a £200,000 mortgage, a 2% ERC = £4,000. Enter your ERC in the calculator to see whether switching still makes financial sense.
Yes. Extending your mortgage term reduces monthly payments but increases total interest paid. You can model this by entering a longer "New Mortgage Term" above. Consider carefully — at 52 years old, extending to a 25-year term means mortgage payments past 75, which some lenders won't allow.
Adding the fee to your mortgage avoids an upfront cost but means you pay interest on it for the full term. On a £999 fee at 4% over 22 years, the total cost of adding it to the mortgage is around £1,400. Paying upfront saves ~£400 but requires cash. For short fixed terms (2 years), adding to the mortgage is often a worse deal than a no-fee product.
If your property has fallen in value, your LTV may have worsened, potentially limiting the deals available to you. In extreme cases (negative equity, LTV > 100%), remortgaging to a new lender may be impossible. Your current lender may still offer a product transfer at acceptable rates — contact them directly.