Remortgage calculator

The monthly saving compares your current and proposed monthly payments. The cost saving over the selected deal period also compares the mortgage balances still outstanding at its end and includes the product fee you enter. A fee added to the loan is included in the balance used to calculate illustrated interest. Extending the repayment term can lower the monthly payment while increasing the cost. The calculation assumes the entered rates remain unchanged over the illustrated period. Other switching costs and any early repayment charge are excluded.

Switching costs commonly include a lender product fee, a valuation if not free, and any solicitor fees not covered by a free-legals offer. A product transfer with your current lender often has none of these, but the rate may not be as keen as the wider market. We compare both routes routinely.

If your current deal is still in the early repayment charge window, the calculator does not include that ERC. Check your offer or recent annual statement before you act on the savings figure. Most ERCs sit between 1% and 5% of the balance and are usually material to the breakeven.

Review your options before your current deal ends. Some lenders allow an application or product reservation ahead of expiry, but the window, offer validity, eligibility, costs and any repricing facility vary. Completion on a particular date and a lower rate are not guaranteed. Check the current deal end date, any early repayment charge, the follow-on rate and the full costs before proceeding.