Remortgage Calculator
Find out how much you could save by remortgaging and whether switching deals makes financial sense.
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Results are estimates only. Speak to a mortgage broker for personalised advice.
Monthly savings when switching from 5.5% on £200,000
Balance £200,000, current payment £1,100/month, 20-year remaining term, no ERC.
| New rate | New monthly payment | Monthly saving | Annual saving | Total saving (20yr) |
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How it's calculated
The new monthly payment is calculated using the standard annuity formula: P × r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is your current balance, r is the new monthly rate, and n is the remaining term in months.
Total cost comparison uses your current monthly payment over the remaining term versus the new calculated payment plus any early repayment charge. This shows you the true financial impact over the full term.
The break-even period tells you how many months of monthly savings it takes to recoup your early repayment charge. If you plan to stay past this point, remortgaging is likely worthwhile despite the ERC.
Frequently asked questions
The best time to remortgage is before your current fixed rate deal ends — typically 3–6 months before. When your deal ends, you roll onto the Standard Variable Rate (SVR) which is usually much higher. You can usually lock in a new rate 6 months early.
Common costs include: arrangement/product fee (£0–£2,000), valuation fee (£0–£300), legal fees (£300–£1,500), and potentially an early repayment charge if you switch before your deal ends. Many lenders offer fee-free remortgage products.
Yes, though your options are more limited and rates may be higher. Specialist lenders deal with bad credit applications. Having equity in your property (low LTV) helps significantly.
This calculator compares your current deal against a new rate. Remember to factor in arrangement fees (typically £500–£2,000), valuation fees and legal costs when assessing whether remortgaging is worthwhile.