- A standard capital-and-interest (repayment) mortgage on both your current and new deal — interest-only mortgages are not supported.
- The interest rates you enter stay constant for the full period being compared. Real mortgage deals usually have a fixed, tracker or discount period that ends and then changes — this tool does not model that.
- Results are an illustrative estimate for comparison only, not a formal mortgage illustration, and are not a prediction of what any lender will actually offer you.
Remortgage Calculator
Compare your current mortgage deal with a new remortgage offer on a like-for-like basis, including the effect of fees, term changes and any amount still owed at the end of the comparison period.
Mortgage Details
This table shows the raw terms of each deal side by side. It does not by itself indicate which deal costs less overall — see the cost comparison below, which accounts for the fact the terms may be different lengths.
Fees & Charges Breakdown
Cost Comparison Over Your Remaining Term
Remortgage Calculator UK
Our Remortgage Calculator helps UK homeowners compare their current mortgage deal against a new remortgage offer on a like-for-like basis. Enter your outstanding balance, current and new interest rates, terms, and any fees involved, to see the change in your monthly payment and a fair cost comparison over the same time period — even if the new deal has a different term length.
How to Use This Calculator
- Enter your current mortgage details: outstanding balance, current interest rate, and remaining term in years and months.
- Enter the details of the new deal you’re considering: the new interest rate and the term you’d like to take it over.
- Add any fees: product/arrangement fee, valuation fee, legal or conveyancing costs, and any Early Repayment Charge (ERC) from your current lender — check your mortgage offer or annual statement for the exact figure.
- Choose whether to add fees to the loan or pay them upfront. Adding fees to the loan avoids an upfront cost but means you pay interest on that amount for the life of the mortgage.
- Click Calculate to see your new monthly payment, the monthly payment change, a cost comparison over your current remaining term, and your upfront fee break-even point (where applicable).
Important Assumptions
This calculator is built for standard capital-and-interest (repayment) mortgages and makes the following simplifications so it can give you an instant, illustrative comparison:
- Repayment mortgages only. It assumes both your current and new mortgage are repaid through monthly capital-and-interest instalments. It does not support interest-only mortgages, where the monthly payment covers interest only and the capital is repaid separately.
- Constant interest rates. The rate you enter for each deal is treated as fixed for the whole period being compared. In reality, most mortgage deals have a fixed, tracker or discount period (for example, two or five years) after which the rate usually changes, often onto the lender’s Standard Variable Rate unless you remortgage again.
- Standard monthly amortisation. Payments are calculated using the standard monthly-compounding repayment formula used across the industry.
- Fees as entered. Product, valuation, legal and Early Repayment Charge figures are only as accurate as the amounts you enter; always confirm exact figures from your lender’s offer documents.
- Illustrative only. Results are for comparison purposes and do not constitute a mortgage illustration, a quote, or a prediction of the rate or amount any lender will actually offer you. Lending decisions depend on affordability checks, credit history, property valuation and lender criteria that this calculator does not assess.
What Is Remortgaging?
Remortgaging means switching your mortgage to a new deal, either with your current lender (a “product transfer”) or a different one, without moving house. Some homeowners choose to remortgage when their current fixed or tracker deal ends, as a lender’s Standard Variable Rate (SVR) can sometimes be higher than the rates available on a new fixed or tracker deal — though this depends on prevailing rates at the time, varies by lender, and is not guaranteed.
Early Repayment Charges Explained
If you leave a fixed or tracker deal before its end date, many lenders may charge an Early Repayment Charge (ERC), though not all products include one. Where an ERC applies, the amount and structure can vary significantly by lender and product, and can reduce the closer you get to the end of the deal. Do not rely on general estimates — check your original mortgage offer document or your most recent annual mortgage statement for your exact ERC figure, or contact your lender directly, and enter that amount into the calculator so it’s reflected in your comparison.
When Might You Consider Remortgaging?
- Your current deal is ending: Some lenders move you onto their SVR automatically when a fixed or tracker period ends, though policies vary, so it’s worth checking with your lender what happens in your case.
- Interest rates have changed: If rates available on the market have fallen since you took out your current deal, remortgaging could reduce your payments — this calculator can help you compare a specific offer against your current deal.
- Your circumstances have changed: Changes in income, existing debts, or credit history can affect which deals a lender may offer you.
- Your loan-to-value has changed: If your property’s value or your outstanding balance has moved since you took out your current mortgage, the range of deals available to you may be different.
- You want to release equity or change your term: Remortgaging can also be used to borrow more or adjust your repayment term, subject to lender assessment.
This calculator does not assess your eligibility for any particular deal, predict what rate a lender would offer you, or provide financial advice. It only compares figures you enter yourself. For advice specific to your circumstances, speak to a qualified mortgage adviser.
Typical Types of Remortgage Fees
| Fee Type | What It’s For | Notes |
|---|---|---|
| Product / Arrangement Fee | Charged by the new lender for setting up the deal | Often can be added to the loan; deals with higher fees sometimes offer lower rates |
| Valuation Fee | Lender’s valuation of your property | Frequently included free with remortgage deals |
| Legal / Conveyancing Fee | Legal work to complete the remortgage | Many lenders offer free legal work for standard remortgages |
| Early Repayment Charge | May be charged by your current lender for leaving early | Only applies if your deal has one and you leave before it ends — check your own paperwork for the exact amount |
| Exit / Deeds Release Fee | Administrative fee to close your current mortgage account | Charged by some lenders when you leave, separate from any ERC |
Should You Add Fees to Your Mortgage?
Adding fees to your loan means no upfront cash is needed at completion, but you’ll pay interest on those fees for however long the new mortgage runs, which increases the total cost over time. Paying fees upfront avoids that extra interest but requires cash at completion. The calculator’s cost comparison automatically accounts for interest on financed fees when you choose to add them to the loan, so you can compare both approaches on a like-for-like basis.
Frequently Asked Questions
Is it worth remortgaging?
It depends on your current rate, the new rate on offer, any fees involved (including Early Repayment Charges), and whether the term length is changing. Use the Cost Comparison section of the calculator, which compares both deals over the same time period, rather than relying on the monthly payment alone.
Does this calculator support interest-only mortgages?
No. This calculator assumes a standard capital-and-interest (repayment) mortgage for both your current and new deal, where each monthly payment reduces the balance owed. If you have an interest-only mortgage, or are considering switching to or from one, the figures here will not be accurate and you should speak to a mortgage adviser.
Why does a lower monthly payment not always mean a better deal?
A lower monthly payment can sometimes result from extending your mortgage term rather than from a genuinely cheaper deal. Spreading the same loan over more months reduces each payment but can increase the total amount you pay over time. This calculator’s Cost Comparison table looks at both deals over the same time period so you can see the fuller picture, not just the monthly figure.
When can I remortgage?
You can remortgage at any time, but doing so before your current deal ends usually triggers an Early Repayment Charge. Many homeowners start comparing new deals several months before their current deal expires, since some new rates can be arranged in advance.
What happens if I do nothing when my deal ends?
If you don’t remortgage or arrange a product transfer, many lenders will move you onto their Standard Variable Rate (SVR) automatically once your deal ends, though this depends on your lender’s policy. SVRs can be higher than fixed or tracker deals, which may increase your monthly payment, but this varies by lender and by prevailing market rates — check with your lender to understand what applies to your mortgage.
Can I remortgage with the same lender?
Yes, this is called a product transfer. It’s often simpler than switching lenders and may not require a new valuation or full affordability check, though it’s still worth comparing against deals from other lenders using this calculator to see how the numbers compare.
Does remortgaging affect my credit score?
Applying for a remortgage may involve a credit check. If a lender carries out a hard search, this can appear on your credit report and may affect your credit profile temporarily. The exact process varies by lender.
What is the “Upfront Fee Break-Even” figure?
It’s a simple payback calculation: how long it would take for a lower monthly payment to recoup any fees you pay upfront (not added to your loan) when switching deals. It looks at the upfront fee and the monthly payment difference only — it is not the full financial comparison between the two deals, which also depends on any balance still owed and differences in term length. For that fuller picture, see the Cost Comparison section. Break-even only applies when you choose to pay fees upfront and your new monthly payment is lower. If you add fees to your loan instead, there’s no upfront amount to recoup — the financed fees instead increase your loan balance and the interest you pay over time, which is reflected in the Cost Comparison table.
Can I remortgage to release equity?
Some lenders allow you to remortgage for a higher amount than you currently owe, using the increase to release cash, subject to their own affordability and loan-to-value assessment. This calculator does not model additional borrowing amounts — it compares like-for-like balances between your current and new deal.
Does this calculator include Stamp Duty?
No. Stamp Duty only applies when buying a property, not when remortgaging an existing one. If you’re purchasing a new home, use our Stamp Duty Calculator instead.