Remortgage Calculator

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.

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Your home or property may be repossessed if you do not keep up the repayments on your mortgage. Representative example: A mortgage of £225,134 payable over 24 years, initially on a fixed rate until 30/09/26 at 4.88% and then on a variable rate of 6.99% for the remaining 22 years would require 26 payments of £1328.29 followed by 262 payments of £1,593.54. The total amount payable would be £453,042 made up of the loan amount plus interest (£226,909) and fees (£999). The overall cost for comparison is 6.8% APRC representative.

How much will my remortgage cost?

What is remortgaging?

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.

Why remortgage?

There are many potential benefits to remortgaging including:

  • Saving money. Remortgaging onto a new deal means you won’t have to pay your lender’s standard variable rate, which can be very expensive. Use this remortgage calculator to instantly see how much you’ll pay each month.
  • You want to overpay on your mortgage by more than your existing lender allows.
  • You want to remortgage to release equity for home improvements.

How does the remortgage calculator work?

To use the remortgage calculator, simply add:

  • Your outstanding mortgage amount
  • The interest rate you can get on a remortgage deal
  • The mortgage term
  • Your mortgage type – repayment or interest only.

The remortgage calculator will then instantly estimate how much your monthly remortgage payments will be.

  • The remortgage calculator can show you how your monthly costs will change by increasing or decreasing your mortgage term.
  • You can also use the remortgage calculator to compare two mortgages. So you can see how much you’ll pay compared to your current deal or if you roll onto your lender’s standard variable rate.

How much can you save by remortgaging

The amount you can save by remortgaging will depend on your circumstances including:

  • Old deal vs new deal: If you took out your current mortgage when mortgage rates were high, you’ll save by remortgaging if you can now get a better mortgage deal.
  • Avoids SVR: But if you’re coming off a cheap fixed rate mortgage deal, even if your new remortgage rate is more expensive than your current one, you’ll still usually save money by remortgaging as you’ll avoid having to pay your lender’s SVR.
  • Your LTV: If the amount of equity you have in your home has increased since you last remortgaged, your loan to value (LTV), will be lower. This means you may get access to better mortgage rates. Find out how much equity you have with our Mortgage Equity Calculator

You can use this handy remortgage calculator to see how much you’ll pay each month when you remortgage.

How much can I borrow when I 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.

How to remortgage

Here are the steps you’ll need to take to remortgage:

  1. Dig out your paperwork. Remind yourself of your current mortgage deal and when it ends.
  2. Speak to a fee-free mortgage broker or start the process online. A mortgage adviser will find the best remortgage deals available for you.
  3. Make your remortgage application. This stage is much faster if you use a mortgage broker as they’ll do the mortgage application for you.
  4. Keep the rate under review to see if a better deal comes up before you need to switch to your new deal. Mortgage brokers L&C offer this Rate-Check service for free.

How do I compare remortgage deals? 

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.

How do I find the best remortgage rate?

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.

Why remortgage with L&C?

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.

When should I remortgage?

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.

Can I remortgage early?

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.

How long does it take to remortgage?

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?

Do I need a mortgage broker?

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.

How do I get a mortgage?

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.

Can I use it as a Buy to Let remortgage calculator?

Yes, the remortgage calculator works in the exact same way if you’re remortgaging a Buy to Let.

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Frequently Asked Questions

How are payments calculated on a repayment mortgage?

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.

How much should my mortgage repayments be?

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.

What is an offset mortgage?

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

Do I need life insurance for a mortgage?

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.

How much interest will I pay on my mortgage?

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.

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