Remortgage Calculator

Use our remortgage calculator to work out if you could save on your mortgage repayments by switching to a new mortgage deal.

What's your situation?

You may have to pay an early repayment charge if you remortgage.

Your home could be repossessed if you don't keep up repayments on your mortgage.

You could save up to


per year on your mortgage

This is based on a new 2-year fixed rate mortgage with an interest rate of 1.15%.

Your savings will vary depending on your circumstances. See below for how we calculate your potential savings.

Next steps

If you're ready to remortgage, the next step is to answer a few more questions. Then a Trussle adviser will find the right remortgage deal for you.

You may have to pay an early repayment charge if you remortgage.

Your home could be repossessed if you don't keep up repayments on your mortgage.

More information about our remortgage calculator

Our example interest rates are based on market leading rates for repayment mortgages in these LTV bands: 0 to 69%, 70 to 79%, 80 to 89% and 90%+. The rates were last updated on 8 June 2020.

For more info about how we calculate your potential remortgage savings check our marketing claims page.

These example rates do not take into account your personal situation. To find out what you could save, talk to a mortgage broker like Trussle.

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How to use our remortgage calculator

Our simple remortgage calculator can tell you if you may be able to save money by switching to a new mortgage deal.

You need to answer four questions to use the remortgage calculator:

  1. The property's current value Ideally you should use a recent valuation

  2. The remaining mortgage amount How much you still owe on the mortgage for this property. Check your annual mortgage statement or phone up your lender to find how much this is.

  3. The monthly mortgage repayments How much you're currently spending per month on your mortgage repayments. You can usually find this on a recent bank statement

  4. The remaining mortgage term This is how many years are left on your mortgage. Again, you can find this on your annual mortgage statement, or phone up your lender and ask.

The remortgage calculator will then work out how much you may be able to save if you switched to a competitive 2-year fixed rate mortgage.

The calculation is just for guidance only. Your savings will depend on your personal circumstances. Talk to a mortgage broker to get a more accurate remortgage savings figure.

Should I remortgage?

Many homeowners remortgage their home at some point. It’s no longer the norm to stay in a mortgage deal for the full term, which is usually around 25 years.

But is remortgaging worth it?

That depends on your circumstances. There are a number of benefits you could gain from remortgaging. We’ll take a look at these in more detail below.

Read our remortgage guide to learn more about remortgaging.

Calculate how much you can save with a remortgage

Use our remortgage calculator to see how much money you could save by remortgaging to a new mortgage.

Our research has shown that the average amount that you can save by remortgaging is around £4,700. But the savings could be a lot larger than that, depending on your current mortgage interest rate.

Learn more about how much you can save with remortgaging.

Reasons to remortgage

1. Reduce your monthly mortgage payments

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

2. Fix your monthly mortgage payments

If you’re currently on a variable rate mortgage but want more stable monthly mortgage payments, you may want to switch to a fixed interest rate mortgage.

3. Get a more competitive interest rate on your mortgage

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

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. Remortgage for debt consolidation

With interest rates on mortgages usually being lower than those on credit cards and other loans, it may be worth consolidating other debts into your mortgage. This isn’t always a good idea, though, so it’s always worth speaking with a fee-free mortgage broker to discuss your options first.

6. Remortgage for home improvements

If you’re considering home improvements, remortgaging can help you access extra funds. By making improvements that add value to your home, this could also be a good investment in the long run.

7. Remortgage to release equity

If you need to free up some capital, remortgaging your home can release some equity to provide cash funds for other things, such as helping your children fund a deposit on a home of their own.

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 mortgage deal better suited to your new needs.

9. Remortgage to buy another house

If you’re thinking of investing in a second home or a buy-to-let property, you could consider remortgaging to raise the money you need for a deposit on your new property.

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Your home could be repossessed if you don't keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

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