- Remaining payments
- β
- Interest and fees
- β
- Term
- β
Current mortgage
Β£
Use the current capital balance shown by your lender.
yr
mo
What do you know about the current loan?
% a year
Enter the total annual nominal borrowing rate. For a tracker loan, include the current benchmark rate and the lenderβs margin.
Β£/mo
The rate is estimated using a standard repayment-loan model.
New refinancing offer
%
yr
mo
Enter the total annual nominal borrowing rate. For a tracker loan, include the current benchmark rate and the lenderβs margin.
Β£
Include every cost you expect to pay, such as valuation, legal, product and broker fees.
Β£/mo
Β£/mo
Β£
Preliminary remortgage checklist
Tick only the statements that genuinely match the offer you are comparing.
The calculator compares the same capital balance and checks the term automatically. The new lender still applies its own affordability and underwriting rules.
Comparison result
The new option may cost less
The comparison uses the full remaining cost, not only the first monthly payment.
Potential savingβover the selected repayment period
- Total payments
- β
- Interest and fees
- β
- Term
- β
Monthly payment changeβ
Break-even pointβ
Term changeβ
Estimated current interest rateβ
The basic remortgage checks appear consistent
This is a planning checklist, not a lender decision.
PAYMENT PROGRESS
How much will you have paid in total?
Current optionNew option
KEY POINTS
Comparison over time
| Time | Current option | New option | Difference |
|---|
4 simple steps
How to use the Remortgage Calculator
Use your current mortgage balance
Find the exact redemption or capital balance and remaining term in online banking or the lenderβs statement.
Enter the full current rate
For a tracker, add the current benchmark rate and lender margin; for a fixed deal, use the stated nominal rate.
Add all remortgage costs
Include product, valuation, conveyancing, broker and early repayment charges that you will actually pay.
Compare like with like
Using the same term makes the rate saving clearer; then test whether shortening or extending the term suits your plan.
What matters most
How to work out whether remortgaging is worth it
Remortgaging means replacing your mortgage with a new mortgage, usually from another lender, while remaining in the property. A product transfer with the same lender can also be worth comparing.
The relevant saving is the reduction in remaining interest and fees after every switching cost. A low headline rate can be outweighed by a product fee or an early repayment charge, especially on a smaller balance or short comparison period.
Practical explanation
Which remortgage fees should be included?
Check product and booking fees, valuation, legal or conveyancing costs, broker fees, account charges and the current lenderβs early repayment or exit charge. A fee described as free may instead be built into the interest rate.
If a fee is added to the mortgage, interest will normally be charged on it. This calculator treats entered one-off costs as paid separately, so add financed fees to the balance if that is how the offer is structured.
What matters most
Rate, APRC and the mortgage term
Enter the nominal annual interest rate used to calculate repayments. APRC is useful for regulated comparisons but includes assumptions and certain charges; do not enter APRC as the rate and then add the same fees again.
Extending the term can reduce the payment without making the mortgage cheaper. Compare the total amount paid and the remaining term alongside affordability.
Trusted sources
Where can I check official guidance?
Before making a decision, check your agreements, the lenderβs personalised illustration and current official guidance.
FAQ
Frequently asked questions
It usually means taking a new mortgage on the same property to repay the existing lender, without moving home.
When the remaining interest and fees on the new deal, plus switching costs and any early repayment charge, are lower than staying put.
An early repayment charge can make switching early expensive. Compare its exact amount with the saving and the date on which it falls or ends.
Use the nominal annual rate currently charged. For a tracker, include the current benchmark component and lender margin.
No. It holds each entered rate constant to compare two clear scenarios.
Yes. Include every product, valuation, legal, broker and exit cost you will pay. If a fee is added to the loan, include it in the balance.
Yes, but it can increase total interest and keep the mortgage running for longer.
No. The lender applies income, expenditure, credit history, loan-to-value and other underwriting checks.
No. It is an illustrative repayment calculation, not advice or an approval decision.