Remortgage Savings Calculator
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.