Remortgage calculator

Depending on the deal you’ve agreed with your lender, your mortgage payment might be fixed or vary depending on the current interest rate. Either way, it’s important to ensure you always have the most suitable mortgage for your current circumstances – which is why you might want to consider remortgaging.

Remortgaging involves switching your existing mortgage to a new deal. This might be with your current lender or with a new one altogether.

By using our remortgage calculator, you’ll quickly find out if there’s a more suitable mortgage deal out there that you could switch to.

Why look to remortgage?

Most home owners remortgage their home at some point in their life. It’s no longer the norm to stay in a mortgage deal for the full term – usually a 25 year period.

There are a number of reasons you may want to remortgage your home, and we’ll take a look at these in more detail below.

1. Reduce your monthly mortgage payments

By shopping around, you might find a mortgage deal that reduces the amount that you pay each month.

2. Fix your monthly mortgage payments

If you’re currently on a variable rate mortgage but want for more stable mortgage payments for a specified period, you may want to find a new fixed interest rate mortgage.

3. Get a better interest rate on your mortgage

Some mortgages will offer a lower-interest introductory period. When that period comes to an end, it can often be worth switching your mortgage to gain a more favourable deal elsewhere.

It’s important to know how much you have left to pay off on your current mortgage, as it may not be worth the switch if there are any penalties or switching fees involved.

4. Get more flexibility with your mortgage

Some mortgage types come with a bit more flexibility, and this may suit your current needs. An offset mortgage, for example, enables you to offset any savings interest against mortgage interest.

5. Consolidate your debts

With interest rates on mortgages often lower than those of credit cards and other debts, it may be worth considering shifting other outstanding loans to your mortgage. This isn’t always the case, however, so it’s always worth speaking with a fee-free mortgage broker to discuss your options first.

6. Carry out home improvements

If you’re considering doing any home improvements, remortgaging can help you access additional funds. By making improvements that add value to your home, this could also act as an investment in the long run.

7. Release capital

Maybe you’re looking to help your children fund a deposit on a home of their own. If you’re looking to free up some capital, remortgaging your home can help you do that.

8. Adapt to a new financial situation

Whether you start earning more or find yourself strapped for cash, remortgaging your home allows you to find a product better suited to your new needs.

Note that should you experience financial difficulties, you may find it hard to remortgage with a new lender as they'll need to test that your income is sufficient to cover your new mortgage payments.

Other things to bear in mind when switching your mortgage

Remortgaging your home, for any of the reasons mentioned above, could help you save money in the long run. But there are also some things you’ll want to bear in mind before you take the plunge:

  • You’ll be asked to provide the same documents and information you provided when you got your previous mortgage (when switching to a new lender).
  • Your new lender will want to carry out their own valuation of your home.
  • There may be a penalty attached to your current mortgage, such as an Early Repayment Charge (ERC).

You’ll find our remortgage calculator convenient to use. Plus, the process of using Trussle to remortgage is simple: you can even go through it from the comfort of your own home. Find out more information about remortgaging your home.

Using our remortgage calculator

If you’re looking to understand what options are available to you, our remortgage calculator is a great place to start. Answer just a few questions and you’ll know which of the available deals best suit your needs.

What information will you need to provide?

The first thing we’ll need to know is the reason for your decision to switch to a new mortgage.

Whether you’re looking to save money, raise capital, or get a more competitive deal, telling us why you’re considering a remortgage will make sure we search for the most suitable deal for you.

The other questions you’ll need to be ready to answer are:

  • Who is your current mortgage lender?
  • How much are your current monthly mortgage payments?
  • Do your current monthly mortgage payments include both capital and interest, or are they interest only?
  • What type of mortgage product do you currently have?
  • How many more years do you have until your current mortgage is paid off?
  • If your current mortgage has an introductory deal, when does this end?
  • What is the amount you still need to pay off on your current mortgage?
  • What is the value of your current home?
  • Are you considering borrowing more with this mortgage?
  • What is your income and what are your financial commitments?

Once you’ve answered these questions, we’ll search over 11,000 deals from more than 90 lenders to recommend the most suitable deal for you. You can then apply to make the switch there and then, or you can hold off until a more worthwhile deal becomes available.

Either way, we’ll continue to monitor your mortgage and let you know when the best time to switch is, ensuring that you get the right deal for you and never pay more than you should.

Think carefully before securing other debts against your home. Your home may be repossessed if you don't keep up repayments on your mortgage.