Remortgage Savings Calculator

The best time is usually when your current fixed or discount deal ends and you move to your lender's Standard Variable Rate (SVR). You can start looking 3-6 months before your deal ends, as mortgage offers typically last 6 months.

Common fees include: arrangement fee (£0-£2,000), valuation fee (often free with new lender), legal fees (often free with new lender), and potentially an Early Repayment Charge on your current deal.

An ERC is a penalty for leaving your current mortgage deal early. It typically applies during fixed-rate periods and can be 1-5% of the outstanding balance. Check your mortgage terms before remortgaging.

Adding the fee to your mortgage means you pay interest on it over the full term, making it more expensive overall. However, it preserves your cash. Calculate the true cost both ways before deciding.

Yes, but your options will be more limited and rates higher. Specialist lenders cater to those with adverse credit. A mortgage broker can help find suitable deals.

The break-even point is how many months of savings it takes to recoup the cost of switching (arrangement fee + ERC). If you plan to stay shorter than the break-even period, remortgaging may not be worth it.

Yes, you can remortgage for a higher amount than you owe and take the difference as cash. This is common for home improvements. However, you will pay interest on the additional borrowing.

A good broker can access deals not available directly and save you time comparing. Some charge a fee (£300-£500), others are paid by the lender. Whole-of-market brokers give the widest choice.

Remortgaging typically takes 4-8 weeks from application to completion. Start the process 3-6 months before your current deal ends to ensure a smooth transition.

You can remortgage at any LTV, but the best rates are available below 60% LTV. Each 5% improvement in LTV (e.g., from 80% to 75%) can unlock noticeably better rates.