Remortgage Savings Calculator
Compare your current mortgage rate with a new deal to see your monthly saving and how long it takes to recoup the remortgaging fees.
How it's calculated
Monthly saving = Current payment − New paymentBreak-even months = Total fees ÷ Monthly saving
Frequently Asked Questions
- When should I remortgage?
- Start looking 2–6 months before your current fixed or tracker deal ends. The reason is the standard variable rate. When your deal expires you roll onto the SVR automatically, and it is usually far higher than anything you could have arranged in advance. Most lenders let you lock in a new rate several months ahead, so there is little downside to starting early.
- What fees are involved in remortgaging?
- Expect four costs. Arrangement or product fees typically run £500–£2,000. Valuation fees range from £150 to £1,500. Legal fees add £300–£1,000. On top of those, your current lender may charge an early repayment charge if you leave before your deal ends. Add them all up before comparing rates — a lower rate with high fees can easily cost more overall.
- Can I remortgage to release equity?
- Yes. You can borrow more than your outstanding balance and take the difference as cash, which is what releasing equity means. People commonly use it for home improvements. Be clear about the trade-off: your loan and monthly payment both increase, and you are securing that extra borrowing against your home. It is usually cheaper than a personal loan, but the risk is different.