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When your current mortgage deal ends you’ll be moved to your lender’s more expensive standard variable rate unless you remortgage to a new deal. Our remortgage calculator estimates the monthly cost of your remortgage repayments instantly. Use it to work out your likely new costs, compare two mortgages and then speak to our partners at L&C to find you the best deal.
Remortgaging involves switching the mortgage on your current property from one deal to another. You might switch to a new mortgage with your existing lender or take out a new mortgage with a different lender.
There are many potential benefits to remortgaging including:
To use the remortgage calculator, simply add:
The remortgage calculator will then instantly estimate how much your monthly remortgage payments will be.
The amount you can save by remortgaging will depend on your circumstances including:
You can use this handy remortgage calculator to see how much you’ll pay each month when you remortgage.
When you remortgage, you can decide whether to borrow the amount that’s currently outstanding on your mortgage or borrow more.
If you’re considering this it’s important to get expert advice. Speak to fee-free mortgage brokers at L&C for advice on whether remortgaging to release equity is the right option for you.
Here are the steps you’ll need to take to remortgage:
When you’re comparing remortgage deals it’s important to factor in any mortgage fees like arrangement fees. But you don’t need to do this yourself, a fee-free mortgage broker will do this for you.
The easiest way to find the best remortgage rate for you is to let expert, fee-free brokers L&C to do the hard work for you. If you want to get an idea of the best rates available today, see our review of this month’s best mortgage rates.
If you’re not sure which remortgage deal is likely to be most cost-effective for you based on your individual circumstances, L&C’s expert advisers can run you through the available options to make sure you’re getting the best deal possible.
L&C’s award-winning mortgage advice is FREE. No hidden costs, just great service. You can start your remortgage online to see the deals you qualify for and how much you can borrow or speak to an expert adviser at L&C now on 0800 073 2326.
You can start the remortgage process six months before your current mortgage deal ends, and you should certainly start the process 4 months before it ends.
You can lock in a rate and then keep it under review in case a better deal becomes available before you need to switch. Mortgage brokers L&C offer this Rate-Check service for free.
Yes, you should be able to remortgage before the end of your current deal but make sure to find out if you’ll need to pay an early repayment charge. These are usually calculated as a proportion of your outstanding mortgage amount.
You should allow up to 3 months for the remortgage process but it may be much quicker. And if you’re remortgaging with your existing lender, known as a product transfer, this generally takes about a week.
Find out more in How long does it take to remortgage?
Mortgage brokers – like the experts at L&C – can scour the market for you, looking for the right deal to suit your situation.
You can use a mortgage broker to help with a remortgage even if you plan to stay with your existing lender.
They are also particularly helpful if you are self employed, buying a Buy to Let or think your situation is unusual in any way. They will know the lenders and deals that will work for you.
You can start your mortgage or remortgage online to see the deals available to you or speak to an expert adviser at L&C now on 0800 073 2326. They are open 9-8 Mon-Thurs, 9-5.30 Fri, 9-5 Sat, 10-4 Sun.
Yes, the remortgage calculator works in the exact same way if you’re remortgaging a Buy to Let.
With a repayment mortgage, a portion of your monthly mortgage payment goes towards the capital, and the other part covers the interest on your debt.
The amount of interest you pay is calculated on the remaining capital amount owing and will reduce over time as a result. This remortgage calculator is the easiest way to get an idea of your monthly repayments.
Some experts advise that your mortgage repayments should not be more than 28% of your gross income. However, what’s right for you will depend on your circumstances.
An offset mortgage is a type of mortgage that allows you to reduce the amount of interest you pay by ‘offsetting’ your savings against your mortgage balance. The mortgage amount you’ll pay interest on will be your mortgage balance, minus the amount in your linked savings account. Find out more in Offset mortgages explained
No, you don’t need life insurance when taking out a mortgage but it can be a very good idea to do so. If you have dependants like a partner and children who rely on your income, taking out life insurance gives a financial safety net that means your loved ones won’t need to worry about how to pay the mortgage if you die.
The exact amount of interest you’ll pay depends on the mortgage rate you’re on.
This can change over time, for example if you take out a fixed deal at one rate then remortgage onto another rate afterwards.
This remortgage calculator shows how much you would pay each month and over your mortgage term, assuming the rate remains the same.
If your mortgage rate changes, you can use the remortgage calculator again to show what your payments would be on your new rate, as well as the change to the total amount over the term.
You can see the impact of paying a higher or lower interest rate on your mortgage payments by adjusting the interest rate on the remortgage calculator.
HomeOwners Alliance Ltd is registered in England, company number 07861605. Information provided on HomeOwners Alliance is not intended as a recommendation or financial advice. Mortgage service provided by London & Country Mortgages (L&C), Unit 26 (2.06), Newark Works, 2 Foundry Lane, Bath BA2 3GZ, authorised and regulated by the Financial Conduct Authority (FRN: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage. If you complete on a mortgage through L&C, L&C will be paid a commission by the chosen lender. L&C will share a percentage of this commission with HomeOwners Alliance, the referring third party. The commission L&C receives doesn’t affect the product or rate recommended to you.
