Mortgages

Remortgage Calculator

Use our free remortgage payment calculator to calculate what your monthly repayments will be if you change your mortgage, whilst comparing your current mortgage repayments.

With property values having risen significantly over recent years, most UK homeowners have surplus equity in their property. By remortgaging, many homeowners can put this wealth toward home improvements, the purchase of another property or other forms of investment.

To assess if a remortgage can mean savings for you, use our remortgage monthly payment calculator and comparison tool against your current mortgage. In the corresponding fields, enter the amount of your current mortgage, the interest rate and the remaining mortgage term. Next enter the same information for a prospective new mortgage. Click the button to calculate and see the difference in monthly repayments and overall savings.

 

How Much Will I Save?

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Repayment calculation:

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For tracker and variable rate mortgages the interest rate may change, this will result in your monthly payments either increasing or decreasing. Below is an example an increase in interest rates of 1% over the annual interest rate selected entered above, assuming the original rate would have increased too.

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Bear in mind that these figures are representative of only a basic calculation. Fees associated with switching your mortgage are usually around £1,000, but may be absorbed by the new lender, as an incentive for you to move your mortgage but do check first.

As well, remember that interest rates on fixed rate, capped, and certain other mortgages will rise after two to five years. You may also be subject to insurance tie-ins, early repayments fees and other hidden costs not factored by the remortgage monthly payment calculator and comparison tool against your current mortgage.

Please note that the lender may lend but it must be ensured that the monthly amount to be repaid is affordable and that lenders also take different income multiples into account.

The information provided from these calculators is for example only and should not be relied upon. For comprehensive mortgage advice and calculations specific for your circumstances please call 01208 872689 to speak with one of our mortgage advisors.

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