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Remortgage Savings Calculator
See how much you could save by switching to a new mortgage deal. Compare your current rate with a new rate and factor in all switching costs.
Switching Costs
Switching could save you
£47,784
over the remaining 20 years
Current Monthly
£1,342.03
New Monthly
£1,138.77
Monthly Saving
£203.26
Break-Even
5 months
Full Comparison
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Frequently Asked Questions
When should I remortgage my property?
The best time to start the remortgage process is 3-6 months before your current fixed-rate deal expires. At expiry, you revert to the lender's Standard Variable Rate (SVR), which is typically 1-2% above the best available fixed rates — costing hundreds per month extra. Starting early gives time to compare the full market.
How much does it cost to remortgage?
Switching costs typically include an arrangement fee (£0-£1,999 depending on the deal), legal fees (£0-£500, often free on competitive remortgage products), valuation fee (£0-£600, often free), and any early repayment charge (ERC) if you're still in a fixed-rate period. The break-even calculation — total costs divided by monthly saving — tells you whether switching is worthwhile.
What is a product transfer and how is it different from a remortgage?
A product transfer means switching to a new rate with your existing lender without moving the mortgage elsewhere. It is faster (often same day), cheaper (usually no legal or valuation fees), and does not require a full affordability reassessment. A full remortgage to a new lender takes 4-8 weeks but may offer better rates or allow you to borrow more.
Can I remortgage to release equity?
Yes. If your property has increased in value since purchase, your loan-to-value (LTV) will have fallen. You can borrow against this additional equity by remortgaging to a higher loan amount. This is commonly used to fund deposit for additional buy-to-let properties (the BRRR strategy) or to fund home improvements.
Does remortgaging affect my credit score?
A full remortgage to a new lender involves a hard credit search, which temporarily reduces your credit score by a small amount. Multiple applications in a short period have a greater impact. Product transfers with your existing lender typically only involve a soft search and have minimal credit impact.
Disclaimer: This calculator provides estimates for illustrative purposes only. Results are based on simplified assumptions and should not be relied upon for financial decisions. Actual costs, returns, and outcomes will vary. Always consult a qualified professional before making property or financial decisions.
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When and Why to Remortgage Your Property
Remortgaging means switching your mortgage to a new deal — with your current lender (product transfer) or a new lender. Most fixed-rate mortgages revert to the lender's Standard Variable Rate (SVR) when the term ends. SVRs are typically 1-2% above the best available fixed rates, meaning you can save hundreds per month simply by remortgaging at the right time.
For buy-to-let investors, remortgaging is also how you pull equity out of appreciated properties to fund further acquisitions — the cornerstone of the BRRR strategy.
Is Remortgaging Worth the Cost?
Calculate total switching costs: early repayment charge (ERC) if still in a fixed term, valuation fee, legal fees (often free on competitive deals), and arrangement fee. Then calculate the monthly saving on the new rate. Divide total costs by monthly saving to get the break-even month. If this is less than the new deal term, remortgaging is financially justified.
What LTV Means for Your Rate
Loan-to-value (LTV) is the mortgage as a percentage of property value. Lower LTV = better rate. Best rates are typically at 60% LTV, increasing at 65%, 70%, 75% (most common BTL maximum), and 80%+. If your property has appreciated since purchase, your LTV may have fallen significantly — giving access to far better rates than when you first bought.
Product Transfer vs Full Remortgage
A product transfer (same lender, new rate) is faster, cheaper, and doesn't require full affordability checks. A full remortgage (switching lender) takes 4-8 weeks but may offer better rates or allow additional borrowing. Start the process 3-6 months before your current deal ends to avoid falling onto the SVR and to compare the full market properly.