Free calculator
Remortgage calculator
Enter what you owe, what you pay now and the rate you have been offered. The calculator shows the monthly difference, the saving across the fixed period after the product fee, and what doing nothing costs if the balance rolls onto the standard variable rate.
Figures are illustrative only. They are not advice, not a quote and not an offer of finance. Lender criteria vary and change.
How the calculation works
A remortgage is a straight comparison between three numbers: what you pay now, what you would pay on the new deal, and what you would pay if you did nothing and the balance moved onto the lender's standard variable rate. The third one is the number most people never work out, and it is usually the largest.
The product fee matters because it is charged whether the deal saves you money or not. A fee free deal at a slightly higher rate often beats a headline rate with a large fee on a small balance, and the other way round on a large balance. This calculator subtracts the fee from the saving so the comparison is honest. It assumes the fee is paid up front rather than added to the loan; adding it costs a little more because you then pay interest on it.
Timing is the other half of the job. Most offers are valid for three to six months, so the work usually starts about six months before the current deal ends. The full timeline, and the things that slow a case down, are in our guide to remortgaging at the end of a fixed rate. If you are raising money at the same time rather than just switching rate, see releasing equity from one property to buy another.