Remortgage calculator
Compare what you pay now against a new rate and see the monthly difference instantly. Enter your standard variable rate as the current rate to see exactly what staying put is costing you.
What does this calculator show you?
It compares the monthly payment on your current rate with the payment on a new rate, over your remaining term, and shows the difference. Entering your lender's standard variable rate as the current figure reveals what rolling onto it — instead of remortgaging — is costing you each month. You can also add additional borrowing to model releasing equity.
The single most useful comparison is your standard variable rate against an available deal. The gap is almost always wide, which is why timing your remortgage to complete the day your deal ends matters so much.
Why is the real rate different for contractors?
The calculator assumes a rate — but the rate a contractor is actually offered depends on whether the lender reads income properly. A lender that annualises your day rate through contract-based underwriting can offer both a better rate and higher borrowing than one stuck on your tax-return profit. So treat the figure here as the size of the prize, and let a whole-of-market search find the real rate behind it.
Modelling additional borrowing
If you're releasing equity — for home improvements, a deposit, or other purposes — add the amount in the additional borrowing field. The new payment then reflects the larger balance, so you can see the true monthly cost of borrowing more before you commit.
Your remortgage, estimated
How does the remortgage calculator work?+
Enter your outstanding balance, remaining term, your current rate (for example your standard variable rate) and a new rate. The calculator works out both monthly payments and the difference, so you can see at a glance what switching could save. You can also add additional borrowing to model an equity release.
What rate should I enter as my current rate?+
Use the rate you're actually on. If your deal has ended you'll be on the lender's standard variable rate — enter that, as it's the rate you're paying now and the one you'd escape by remortgaging. If you're still on a fixed or tracker, enter that rate to compare against a new deal.
Is the saving shown an offer?+
No. The figure is an indicative comparison based on the rates you enter, assuming repayment over the remaining term. Your actual rate depends on your circumstances, loan-to-value, credit profile and — for contractors — how a lender assesses your income. Use it to gauge the size of the opportunity, then get real rates from an adviser.