Remortgage Calculator
Compare your current mortgage rate with a new deal and see the net saving after the product fee.
Arrangement / booking fee on the new deal.
Switching a £0 mortgage from 0% to 0% saves £0 per month — a net saving of £0 over 0 years.
How to think about remortgaging
The saving maths
Monthly saving × 12 × fix length − product fee = net saving. If your LTV has dropped into a better band (say from 85% to 75%), you may qualify for a noticeably sharper rate.
Timing matters
If you're mid-fix, ERCs usually kill the saving. If you're near the end, most UK lenders let you reserve a new deal up to 6 months ahead with no commitment if rates fall further.
Frequently asked questions
When should I remortgage?
Most borrowers start shopping 3–6 months before their current fixed rate ends to lock in a new deal and avoid slipping onto the lender's expensive Standard Variable Rate (SVR). You can usually reserve a new rate up to 6 months ahead.
What is a product fee?
A one-off arrangement or booking fee charged by the new lender — typically £999–£1,999. Lower-fee (or fee-free) products often have slightly higher rates. This calculator deducts it from your total saving.
Does this calculator include Early Repayment Charges?
No — you need to check your current mortgage offer for ERC. If you're mid-fix, ERC typically 1–5% of the balance and can wipe out any saving. Wait until you're ERC-free or within a few months of it.
How much LTV do I need to remortgage?
LTV bands sit at 60%, 75%, 85%, 90% and 95%. Lower LTV = lower rate. If your property has risen in value, request an updated valuation — you may drop to a better LTV band and get a sharper rate.
Should I extend the term to lower payments?
Extending the term reduces the monthly payment but dramatically increases the total interest paid. Only extend if monthly affordability is tight; otherwise keep the term and take the rate saving.
Reviewed by the Mortgage118 editorial team. Excludes ERC, valuation and legal fees. This calculator provides an estimate only and does not constitute mortgage advice.