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

£000

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

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

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 8 June 2020.

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.

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. We’ll take a look at these in more detail below.

Learn more about remortgaging in our remortgage guide.

Calculate how much you can save with a remortgage

See how much money you could save by remortgaging using our remortgage calculator.

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.

Calculate your remortgage savings

Reasons to remortgage

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

For more stable monthly payments, you could switch from a variable rate to a fixed rate mortgage.

Some mortgage deals offer a lower-interest introductory period.

When that period ends, you may be able to get a better deal by remortgaging.

Some mortgage types are a bit more flexible, and this may suit your current needs. An offset mortgage lets you offset any savings interest against mortgage interest.

Interest rates on mortgages are usually lower than those on credit cards and other loans. So it may be worth combining other debts into your mortgage.

This is not always a good idea, so before you do discuss your options with a mortgage broker.

If you’re considering home improvements, remortgaging can help you get extra funds.

Making improvements that add value to your home could also be a good investment in the long run.

If you need to free up some capital, remortgaging your home can release some equity.

You can then use the funds for things such as helping your children with a house deposit of their own.

If you get a pay rise or need more money remortgaging could help you find a deal that's better suited to your new needs.

If you want to get a second home or a buy-to-let property, you could remortgage to raise the money for the deposit.

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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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