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Remortgage
Work out your loan-to-value and get a feel for how switching your mortgage deal could change your monthly costs, then speak to an advisor to check what you'd actually qualify for before your current deal ends.
A remortgage calculator gives you a quick estimate of how switching to a new mortgage deal could affect your monthly costs, based on your property value, outstanding balance, and remaining term.
The result is an illustrative estimate, not a formal mortgage offer. Your actual rate will depend on your credit history, income, an accurate property valuation, and each lender's individual criteria. Speak to an advisor to get a recommendation based on your full circumstances before your current deal ends.
Our remortgage calculator gives you a quick, no-obligation estimate of how switching your mortgage deal could change your monthly repayments. It takes a couple of minutes to use and won't affect your credit score.
Enter your outstanding balance, your property's estimated value, your remaining mortgage term, and your current monthly repayment to see an estimate straight away. This calculator is designed for residential remortgages - if you're remortgaging a rental property, see our buy-to-let remortgage guide instead.
How it works
Enter your outstanding balance
Add how much you still owe on your current mortgage. You'll find this on your latest mortgage statement or by asking your lender directly.
Add your property's estimated value
Use a recent valuation, an estimate from a property portal, or your original purchase price adjusted for how the local market has moved since.
Confirm your remaining term and monthly repayment
Enter how many years are left on your mortgage and what you currently pay each month.
Review your estimate and speak to an advisor
The calculator gives you a starting point. Speak to an advisor to confirm the figures against real lender criteria before your current deal ends.
Personalised guidance
The calculator gives you a starting estimate. Speak to an advisor for a recommendation based on your actual circumstances.
Once you've entered your figures, the calculator shows a handful of terms that are worth understanding properly, since they directly affect how much you could realistically save by remortgaging. Here's what each one means.
Key terms
How much you could save by remortgaging depends largely on your loan-to-value (LTV), how your outstanding balance compares to your property's current worth, and how long you have left on your term. As a general rule, a lower LTV opens up more competitive rate tiers, though your credit history and each lender's own criteria also play a part.
The scenarios below show how three different homeowners might compare on LTV alone. They're illustrative only and don't represent an offer.
These scenarios are illustrative only and don't represent guaranteed rates or savings. Your actual figures will depend on your credit profile, income, and an individual lender's assessment. Your home may be repossessed if you do not keep up repayments on your mortgage. Speak to an advisor for a full affordability assessment based on your circumstances.
Loan-to-value, or LTV, is one of the biggest factors in which rate tier you're offered when you remortgage. It's calculated by dividing your outstanding mortgage balance by your property's current value. The lower your LTV, the less risk the lender takes on, and generally the more competitive the rate tier you're offered.
Enter your property value and outstanding balance into the calculator above to see your loan-to-value instantly. If you're close to a lower LTV band, even a small overpayment or a modest rise in your property's value could move you into a more competitive rate tier.
The best time to remortgage is usually in the 3 to 6 months before your current deal ends, giving you enough time to compare options and complete before you fall onto your lender's Standard Variable Rate. Common reasons to start looking include:
See our remortgaging advice guide for more detail on timing your switch.
Yes, it's possible to remortgage with bad credit, though your options will be narrower than with a clean credit history. Specialist lenders consider applications from borrowers with CCJs, defaults, or missed payments, but they typically apply tighter loan-to-value thresholds, and the rate tier available will usually sit higher than a mainstream deal.
A broker authorised and regulated by the Financial Conduct Authority can access lenders across a wide range of criteria, including specialist options not available on the high street. Read more about your adverse credit remortgage options to understand what's realistically available.
If you're struggling with debt or unsure whether remortgaging is the right option, MoneyHelper offers free, independent guidance on 0800 138 7777.
Why use a broker
An early repayment charge (ERC) is a fee some lenders charge if you leave your current mortgage deal before the end of its fixed or discounted period. ERCs are typically a percentage of your outstanding balance, often reducing the longer you've been on the deal.
You'll find your ERC details in your original mortgage offer document, or by asking your current lender directly. For a remortgage to be worthwhile, any saving from a new deal generally needs to outweigh the ERC you'd pay to leave your existing one. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
An advisor can check your ERC against your likely new deal before you commit to switching, so you don't end up paying more than you save.
Don't assume a lower rate automatically means a better deal. If you're still within your early repayment charge period, run the numbers carefully - sometimes it's cheaper to wait a few months until the charge drops or disappears before you switch.
We compare a wide range of lenders to find options that suit your circumstances.
A remortgage typically takes 4 to 8 weeks from application to completion, covering valuation, legal work, and the mortgage offer. Starting the process 3 to 6 months before your current deal ends gives you time to avoid falling onto your lender's Standard Variable Rate.
For a broader introduction to the remortgaging process, see our remortgages overview.
What to expect
Apply and choose a deal
Your advisor identifies suitable options and you submit your application, typically taking a few days once you've decided.
Valuation
The new lender arranges a valuation of your property, usually taking one to two weeks.
Legal work
A solicitor or conveyancer handles the legal side, registering the new mortgage against your property. This typically takes two to four weeks.
Mortgage offer
Once the valuation and legal checks are complete, the lender issues a formal mortgage offer, usually within one to two weeks.
Completion
Your new mortgage completes and your old deal is repaid. Starting 3 to 6 months before your current deal ends gives you time to avoid falling onto your lender's Standard Variable Rate.
Common questions
A remortgage calculator gives you a useful estimate based on the figures you enter, but it isn't a formal offer. Your actual rate will depend on your credit profile, income, the lender's current criteria, and an accurate valuation of your property. Use the result as a starting point, then speak to an advisor for a recommendation based on your full circumstances.
Yes, many homeowners remortgage to release equity and pay off other debts, such as credit cards or personal loans, as part of a single monthly payment. Think carefully before securing other debts against your home, as this turns unsecured debt into a debt secured on your property, and your home may be at risk if you don't keep up repayments. Read more about how to <a href="/mortgages/debt-consolidation-mortgage/">remortgage to consolidate debt</a>.
Usually, yes, if you're moving to a new lender. Your new lender will need a solicitor or licensed conveyancer to handle the legal work, including registering the new mortgage against your property. If you're doing a product transfer and staying with your existing lender, you may not need a solicitor, as there's no change of legal charge to register.
You'll need your property's estimated value, your outstanding mortgage balance, your remaining mortgage term, and your current monthly repayment. Having these figures to hand gives you the most accurate estimate before you speak to an advisor.
How much you can borrow depends on your property value, your outstanding balance, your income, and your credit history. Most lenders will only lend based on your property's current loan-to-value, so the equity in your home is the main factor in what's available. Speak to an advisor to get an accurate figure based on a full affordability assessment.
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Remortgage
Our remortgage specialists compare deals from a wide range of lenders to help you save money.
