Our remortgage calculator compares what you pay now with what you would pay on a new deal, then takes off the fees and any early repayment charge to show whether switching actually saves you money, and how many months it takes to earn the costs back.
Put your figures in and the numbers appear. You are not asked for anything first.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Your figures
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Your mortgage now
The new deal
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For illustration only. Figures are estimates based on what you have entered and are not a quote, an offer of finance or advice. Savings compare monthly payments on your current balance and assume rates stay the same for the whole deal. The rate you are offered depends on the lender, the valuation, your loan to value, your income and your credit profile. Clever Lending is authorised and regulated by the Financial Conduct Authority (FRN 795789).
Remortgaging means replacing the mortgage on a property you already own with a new one, without moving. Usually that is a new deal with a different lender, who pays off your existing mortgage on completion. You stay in the same house. What changes is the rate, the lender and sometimes the amount you owe.
Most people remortgage because a fixed or tracker deal is coming to an end. When it does, the lender moves you onto its standard variable rate, which is almost always well above anything on offer to new customers. Staying put quietly costs money every month.
The other common reasons are borrowing more against the home, switching between interest only and repayment, changing the term, or taking someone off or adding someone to the mortgage after a separation or a change in circumstances.
Staying with your current lender on a new rate is called a product transfer rather than a remortgage. It is often simpler, but it limits you to one lender’s range, which is why it is worth comparing both before you choose.
The timing that saves the most money is the one people most often miss. Most mortgage offers last around six months, which means you can usually secure a new rate well before your current deal ends and move across on the day it expires.
| When | What to do |
|---|---|
| Six months before your deal ends | Check your end date and any early repayment charge. Start comparing deals and get a view on the property’s value |
| Three to four months before | Apply. A remortgage typically takes a few weeks, and longer if the case is complex |
| If rates fall before completion | Ask whether you can move to the cheaper product. Many lenders allow this before the mortgage completes |
| The day your deal ends | The new mortgage completes and the old one is repaid, with no time on the standard variable rate |
| After your deal has ended | You are on the standard variable rate. Remortgaging is usually urgent and there is normally no early repayment charge to pay |
Remortgaging before the deal ends can still make sense if rates have moved sharply, but the early repayment charge usually decides it. Put the charge into the calculator and it will tell you whether the saving covers it within the new deal.
Three ways to change the borrowing on a home you already own, and the right one depends on your current rate, how much you want to borrow and your circumstances.
| Consideration | Remortgage | Product transfer | Second charge |
|---|---|---|---|
| Who lends | Any lender in the market | Your current lender only | A new, separate lender |
| Your existing rate | Replaced | Replaced | Untouched |
| Affordability check | Full check | Often lighter if you are not borrowing more | Full check across both loans |
| Legal work and valuation | Needed, often free on remortgage deals | Usually none | Needed, often covered by the lender |
| Borrowing more | Yes, subject to affordability | Sometimes, as a further advance | Yes, the whole point |
| Best when | Your deal is ending and a better rate exists elsewhere | Your lender’s offer is competitive, or your circumstances have changed | You are on a low fixed rate you do not want to lose |
If you want to raise money but are sitting on a low fixed rate with years left, remortgaging the whole balance can cost more in lost rate and early repayment charges than the extra borrowing is worth. Our second mortgage calculator shows the other side of that comparison.
| Cost | Typical | Notes |
|---|---|---|
| Early repayment charge | Often 1 to 5% of the balance | Only if you leave during a deal. It usually steps down each year and disappears when the deal ends |
| Arrangement or product fee | £0 to around £2,000 | Can be paid up front or added to the loan, where it gathers interest |
| Valuation | Often free | Many remortgage deals include a free valuation |
| Legal work | Often free | Remortgage deals commonly include a free legal package |
| Exit or deeds fee | Usually under £200 | Charged by your current lender when the mortgage is repaid |
| Broker fee | Agreed in writing | Ours is agreed up front, before you commit to anything |
The lowest rate is not always the cheapest deal. A rate that is 0.2 per cent lower with a £1,999 fee can cost more over two years on a smaller mortgage than a slightly higher rate with no fee at all. The calculator nets the fees off the saving for exactly that reason, and you can run two deals one after the other to compare them.
If your home has gone up in value or you have paid the mortgage down, you can borrow more when you remortgage. People use it for extensions and loft conversions, to help a child with a deposit, to buy out a former partner, or to fund a buy to let deposit.
Lenders look at the new total as a percentage of the value, the loan to value. Pricing usually improves in steps as that percentage falls, commonly at 60, 75, 80, 85 and 90 per cent. Borrowing a little less to stay under one of those steps can reduce the rate on the whole mortgage, not just the extra.
Consolidating debt into a remortgage lowers the monthly cost, but it secures that debt against your home and usually spreads it over far longer, so the total you repay can be much higher. That needs proper advice rather than a calculator.
Put the amount in the Extra to borrow box and the calculator shows the new mortgage, the new loan to value and what the extra borrowing adds to the monthly payment on its own.
Your mortgage now on one side, the new deal on the other. Here is what each figure means.
| Field | What to enter |
|---|---|
| Value of your property | A realistic figure. A local agent will give you a view for free |
| Mortgage balance | What you owe today, from your latest statement or app |
| Years left on the mortgage | The remaining term, not the original one |
| Rate you pay now | Your current rate, or your lender’s standard variable rate if your deal is about to end |
| New interest rate | The rate on the deal you are considering. Ask us for live pricing |
| Fees and early repayment charge | Everything you would pay to make the switch |
Then look at the net saving over the deal, not just the monthly figure. The monthly figure is what you will feel. The net saving is what the switch is actually worth once the costs are paid.
The saving compares payments on your current balance at the two rates, and assumes rates do not change during the deal. If you are borrowing more, the extra payment is shown separately so it does not hide the saving.
A remortgage to a new lender is a fresh application. The lender checks your income and outgoings, your credit file and the value of the property, just as it would for a purchase, and it stress tests the payment to make sure it would still be affordable if rates rose.
Income is where remortgages most often get stuck. Self-employed borrowers, company directors who pay themselves in dividends, contractors, and people with bonus, commission or foreign income can find their current lender will offer a product transfer but a new lender will not accept the full income. That is a question of choosing the right lender, not of whether it can be done.
Credit history matters too. Missed payments, defaults or a CCJ do not automatically rule out a remortgage, but they narrow the lenders available and affect the rate. Knowing what is on your file before you apply saves a declined application leaving another mark on it.
The valuation sets the loan to value. On many straightforward remortgages the lender uses an automated valuation rather than sending someone round, which keeps things moving.
We are a specialist property finance brokerage, authorised and regulated by the Financial Conduct Authority. We handle the remortgages that do not fit a high street template: complex income mortgages for the self-employed, directors and contractors, buy to let remortgages including limited company portfolios, and commercial mortgages on business and investment property.
We will also tell you when a product transfer with your current lender is the better answer, or when a second charge beats remortgaging the whole balance. The right option depends on the numbers, and we would rather show you both than sell you one.
Send us the outline and we will come back within 24 business hours with a clear route forward. There are no fees payable until we have found you a solution, and you will always speak to an adviser rather than a triage team.
If you are thinking of paying the mortgage down faster once the new deal is in place, our mortgage overpayment calculator shows how much interest that saves. You can see everything we arrange on our borrower finance options page.
Send us the outline and we will come back within 24 business hours with a clear route forward. No fees payable until we have found you a solution, and you will always speak to an adviser rather than a triage team.
Around six months before your current deal ends. Most mortgage offers last about six months, so you can usually secure a new rate early and move across on the day your deal expires, without paying an early repayment charge or spending any time on the standard variable rate.
It depends on the gap between your current rate and the new one, the size of the mortgage and the costs of switching. On a £200,000 balance with 20 years left, moving from 7.25 per cent to 4.5 per cent cuts the payment by about £315 a month. The calculator nets off the fees to show the real saving.
Sometimes. It comes down to whether the saving over the new deal is bigger than the charge plus the fees. Put the charge into the calculator and look at the net saving and the time to earn the costs back. If that is longer than the deal, waiting is usually cheaper.
Many remortgage deals include free legal work and a free valuation, leaving the arrangement fee, anywhere from nothing to around £2,000, and a small exit fee from your current lender. An early repayment charge is the big one if you leave during a deal.
Typically a few weeks from application to completion. Complex income, a non-standard property or a change in ownership can take longer. A product transfer with your current lender is often quicker because there is usually no legal work or valuation.
A remortgage moves your mortgage to a new lender, with a new application, credit check and valuation. A product transfer is a new deal with your existing lender, usually with less paperwork. It is worth comparing both, because the best rate is not always with the lender you already have.
Yes. If your home has risen in value or you have paid the mortgage down, you can borrow more when you remortgage, subject to affordability and the lender’s maximum loan to value. If you are on a low fixed rate you do not want to lose, a second charge may cost less.
Often, yes. Missed payments, defaults or a CCJ narrow the choice of lenders and affect the rate, but they do not automatically rule out a remortgage. How recent the problems were and how much equity you have matter most.
A full remortgage application involves a hard credit search, which shows on your file and can have a small, temporary effect. Checking eligibility before applying, and not applying to several lenders at once, keeps the impact to a minimum.
Yes. Buy to let remortgages are assessed mainly on the rent the property produces against the mortgage payment, rather than on your personal income. Limited company buy to lets are remortgaged in the same way, with the company as the borrower.
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