Remortgage Calculator: How Much Can I Save?

Last reviewed on 17th October 2023 by Martin Alexander (Mortgage Advisor)

Once your initial rate ends, your mortgage rate will automatically change to a standard variable rate (SVR), which can be very expensive. Switching to another deal could cost you much less. Use our remortgage calculator to check whether switching to a new deal is worthwhile.

Remortgage FAQ

How much can I remortgage my house for?

You can typically remortgage your house for up to 90% of its value, although this is only necessary if you release equity. Otherwise, you’d remortgage for the amount you have left on your mortgage. For instance, if your mortgage balance were £200,000, you’d remortgage for £200,000. However, if your house was worth £350,000, you could borrow up to 90% of the value (£315,000).

Is it worth remortgaging?

It’s worth remortgaging if you can switch to a lower rate. If you’ve been placed on a standard variable rate (SVR), it’s likely you’ll get a better rate by switching deals. An SVR is usually a lot higher than an introductory mortgage rate, so it can be worth remortgaging.

How much can I save by remortgaging?

The amount you can save depends on several factors, such as your home’s value, equity, and current deal. You can then shop around to find eligible lenders to calculate how much you can save.

Can I remortgage early?

You can remortgage anytime, but if you remortgage during your fixed rate period, you could be liable to pay an early repayment charge (ERC). This can be very expensive, so you’ll need to check the terms of your current mortgage before making a decision.

How can I find the best deal when I remortgage?

Remortgaging isn’t just about switching deals to find the lowest rate. You’ll want to ensure you’ve selected the cheapest overall mortgage. This is done by calculating the cost of your remortgage, such as fees, in addition to the rates involved. Our remortgage calculator will show you how much you can save each year on your mortgage where possible.

Remortgage guides

Remortgage fees explained

How to remortgage with an early repayment charge

How to get a remortgage quote

Compare remortgage deals

About the author

Martin Alexander

Senior Mortgage Advisor | More Articles

Martin is a senior mortgage advisor and has held a CeMAP qualification for over 15 years while also completing an MBA in Global Banking & Finance.

Remortgage calculator

Remortgage calculator

Get Your Free Quote.

Remortgage FAQ

Remortgage guides

About the author

Martin Alexander

Remortgage calculator

Remortgage calculator

Get Your Free Quote.

Remortgage FAQ

Remortgage guides

About the author

Martin Alexander

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