Remortgage Savings Calculator

Calculate whether remortgaging your property could save you money and by how much

Current Mortgage Details
£
£
%
Leave blank if you're already on a variable rate
Enter 0 if no charge applies
£
New Mortgage Details
%
Current best rates: 2Y Fix: 4.19%, 5Y Fix: 3.94%
Leave blank to keep the same remaining term
£
£
Some lenders offer free legal services and valuations
£
Enter any extra amount you want to borrow
Current Best Mortgage Rates

These rates are updated as of May 2, 2025 and are for reference only. Actual rates will vary based on your circumstances.

Mortgage Type LTV 60% LTV 75% LTV 85% LTV 90% Typical Fees
2-Year Fixed 4.19% 4.29% 4.59% 4.79% £999
5-Year Fixed 3.94% 4.09% 4.39% 4.69% £999-£1,499
10-Year Fixed 4.04% 4.19% 4.55% 4.89% £999-£1,499
Variable Rate 4.34% 4.44% 4.69% 4.94% £0-£999
Tracker Rate 4.24% 4.34% 4.64% 4.84% £999

LTV = Loan-to-Value ratio, which is the mortgage amount divided by the property value.

Bank of England Base Rate History
About Remortgaging
When Should You Consider Remortgaging?
  • Your fixed-rate deal is ending - Often the best time to remortgage is when your current deal is about to expire
  • Interest rates have fallen - If market rates are significantly lower than your current rate
  • Your property value has increased - This might give you access to better rates due to a lower loan-to-value ratio
  • You want to release equity - To fund home improvements or other major expenses
  • You want to overpay more than your current deal allows - Some mortgages have strict limits on overpayments
Factors to Consider
  • Early Repayment Charges (ERCs) - These can be significant, especially in the early years of a fixed deal
  • Fees vs. Rate - A lower interest rate might come with higher fees; consider the total cost
  • Length of Deal - Longer fixed periods offer stability but may have higher rates
  • Your Future Plans - Consider how long you plan to stay in the property
  • Your Credit Score - This may have changed since your last mortgage application
The Remortgage Process
  1. Research available deals or speak to a mortgage broker
  2. Get a Decision in Principle from your chosen lender
  3. Complete a full mortgage application
  4. Property valuation
  5. Legal work (conveyancing)
  6. Completion - your new mortgage pays off the old one