Mortgages & Money2 min check

Remortgage Savings Calculator

See how switching to a new mortgage rate could change your monthly payments and total interest over the deal period.

Short answer

Remortgaging means replacing your current mortgage with a new deal — usually to get a lower rate before your fix ends, release equity, or change term. Saving = (old monthly − new monthly) × months − fees − ERCs. Usually worth doing if you save £50+/month after all fees.

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Calculation method, coverage and version

Inputs used: Outstanding balance, Current rate, Years remaining, New rate offered, Product / arrangement fees, New deal length.
Calculation approach: The calculator applies the rules and assumptions described in “How it works” to the values you enter. Rounding can cause small differences from an official or provider calculation.
Coverage: Mortgages & Money. UK nations, tax treatment, local rules and provider criteria can differ; check the official sources shown below before acting.
Content version: No page-specific review date is currently published. Treat the result as indicative and verify current rules independently.

Not included unless explicitly requested: personal circumstances not entered, provider discretion, future rule changes, professional fees and case-specific exceptions. Read the full calculator methodology.

Primary sources and official verification

Use these official sources to verify current rules before acting. Coverage and dates can differ across England, Scotland, Wales and Northern Ireland.

See the sitewide source policy.

How it works

Start your search 6 months before your fix ends — most lenders let you lock a new rate that long ahead. Compare the new rate's monthly payment vs your current payment, subtract product/legal/valuation fees, and add any Early Repayment Charge if you're switching mid-fix.

Worked example

£180k balance at 5.5% (£1,247/m) vs new 4.2% deal (£1,072/m) → £175 saved/month × 60 months = £10,500 saved over a 5-year fix. Less £999 product fee + £300 legal = net £9,200 saved.

Who should use this

•Homeowners 3–6 months from end of fix
•People wanting to release equity for renovations
•Anyone wanting a longer term to lower monthly payments

Common mistakes

×Letting the fix expire and rolling onto SVR (often 7–9% — costly)
×Switching mid-fix without checking the ERC (often 3–5% of balance)
×Choosing the lowest rate without including the product fee
×Forgetting affordability is reassessed if you switch lender

Frequently asked questions

When should I start looking?▾

6 months before your current deal ends. Locking early protects you if rates rise; you can usually switch to a better deal if rates fall.

Product transfer or remortgage?▾

Product transfer (staying with same lender) is faster and needs no affordability check, but a full remortgage often gets a better rate.

Can I remortgage with bad credit?▾

Yes via specialist lenders, but rates are higher. A product transfer with your current lender may be easier.

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Mortgage Repayment →Mortgage Affordability →Stamp Duty →