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?

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

Talk to a mortgage broker or lender to get a more accurate remortgage savings amount.

You could save up to

£000

per year on your mortgage

This is based on a new 2-year fixed rate mortgage with an interest rate of 1.12%.

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. Not ready to remortgage? Compare our best remortgage deals.

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

Talk to a mortgage broker or lender to get a more accurate remortgage savings amount.

More information about our remortgage calculator

We base our example interest rates on market-leading rates for repayment mortgages. These are for rates in these LTV bands: 0 to 69%, 70 to 79%, 80 to 89% and 90% and over. The rates were last updated on 10 June 2021.

Read about how we work out how much you could save in 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.

How to use our remortgage calculator

You can see how much you may be able to save by switching to a new mortgage deal using our remortgage calculator.

To use the remortgage calculator you'll need to answer:

  1. The property's current value - it's best to 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 currently spend a 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 you have left on your mortgage. This will be on your annual mortgage statement, or phone up your lender and ask.

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

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

How much you can save by remortgaging

Our research found that on average people could save almost £5,000 when they remortgage.

Most people choose to remortgage to save money. 

This is because lenders often offer a low interest rate for a fixed period on new mortgages. When it ends, they move you onto their standard variable rate.

SVRs are usually quite high which can make your mortgage more expensive.

The difference between a market leading deal and average SVR is around £4,700 in interest a year. This research is from the Trussle Mortgage Saver Review 2018.

Compare remortgage deals

You can compare remortgage deals to find one that's right for you.

Remortgage fees

You may not have to pay a fee if you stay with your current lender.

Speak to your lender or a mortgage broker to find out which fees you'll have to pay.

You may have to pay an ERC if you remortgage before the end of your current deal's initial period.

It can cost up to 5% of your mortgage balance.

Check the terms and conditions of your mortgage or ask your lender to see how much it is.

This is what a lender charges for setting up your new mortgage. It can cost between £300 to £2,000 but is often £1,000.

A mortgage deal with a higher arrangement fee will usually have a lower interest rate. A deal with a lower arrangement fee will often have a higher interest rate. 

If you’ve got a big mortgage, it could be cheaper to have a lower interest rate and a higher arrangement fee. 

If you’ve got a small mortgage, a lower arrangement fee and higher interest rate may be cheaper long term. 

You can also choose to pay the fee when you take out the mortgage or add it to your mortgage. Adding it to your mortgage will be more expensive as they'll add interest.

This is usually around £100 to £200 and you pay it when you apply for a mortgage. You will not be able to claim it back if your mortgage does not go ahead.

This is what a lender charges to value your home. 

A valuation lets lenders check that your home meets the mortgage conditions.

A lender also needs to know how much it’s worth as they may have to sell it to get their money back if you miss repayments. 

The valuation fee can be free or may cost around £300, depending on the lender.

This is the cost of electronically transferring the mortgage funds to you or your solicitor.

It can be around £30.

When you end your mortgage contract you'll have to pay this fee. It can cost between £50 to £300.

These are the legal fees.

You do not need a solicitor if you remortgage with your current lender. But you will if you remortgage with a new one.

Your new lender may offer to pay for your legal fees, but you will not be able to choose your solicitor. 

It can sometimes be quicker to use your own solicitor.

Some brokers charge a fee for their service. 

Fees can be fixed or a percentage of your loan. The amount is often around £500 for a normal residential mortgage.

In most cases, you only have to pay it if you apply for a mortgage with one of the lenders they suggest. 

Trussle is fee free.

How much more money you can borrow when remortgaging

Some people choose to remortgage to borrow more.

This is so they can get extra funds to spend on other things.

Home improvements are one of the most common reasons for raising money, but there are many other reasons to remortgage.

On average, Trussle customers released £30,000 by remortgaging between 2018 and 2020.

This could help pay for an attic conversion or a 1 room extension.

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.

If remortgaging is worth it depends on your circumstances.

There are lots of benefits you could get from remortgaging. Read our 9 reasons to remortgage.

Learn more about remortgaging in our remortgage guide.

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Get a mortgage with Trussle today

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  • Personalised recommendations, usually within a few hours

  • Free mortgage monitoring - we'll tell you when it's time to remortgage

  • No waiting for appointments

  • No paperwork

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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