Do nothing
Stay on the SVR
No fees and no paperwork, and you can usually leave whenever you like. The catch is the rate, which is often higher than the lender's own deals.
Remortgage Calculator
Remortgage estimate
| Stay | New deal | |
|---|---|---|
| Monthly payment | — | — |
| Cost over the deal | — | — |
| Owed when the deal ends | — | — |
| Loan-to-value (LTV) | — | — |
| Break-even | — | — |
| Saving over the deal | — | — |
Estimates only. Assumes the same term and that both rates stay fixed for the deal.
Remortgage Calculator for When Your Fixed Rate Ends
Before your current deal runs out, check what a new one is really worth. This remortgage calculator puts your current rate or SVR next to a new deal, with the product fee, any early repayment charge, and cashback counted in. You'll see the monthly saving, the cost over the deal, and how soon the switch pays for itself.
March
31
Fix ends
Your fixed rate is ending
- Balance
- £200,000
- Rate from 1 April
- 7.00% SVR
- New monthly payment
- £1,550.60
5-yr fix at 5%
£1,319.91
£230.69 less a month
When to Start Your Remortgage
Timing can matter as much as the rate. Switch too early and fees can eat the saving. Leave it too late and you may spend months on a higher rate.
Up to Six Months Before
Lenders that signed the UK government's Mortgage Charter (opens in a new tab) let you lock in a new deal with them up to six months ahead. Six months is the most the charter allows, so ask yours how far ahead it goes. It's a good point to get quotes from other lenders too.
Once You Have Offers
Enter each offer as the new deal, one at a time, with its fees and any cashback. Keep the one that comes out ahead.
Before the New Deal Starts
If your lender signed the charter and rates drop after you lock in, you can ask it for a better like-for-like deal until the new one starts, if it has one. Don't leave it to the last minute: the charter says rates must be finalised two weeks before.
The Day Your Deal Ends
The new deal takes over. Switching on this day usually means no early repayment charge, but your mortgage terms have the final say.
Product Transfer vs Remortgage vs Staying on the SVR
Same lender
Switch with Your Lender
Your lender moves you onto one of its new deals, often with little paperwork. If you don't borrow more, FCA rules (opens in a new tab) let it skip a new affordability check, though some lenders still run one. You only see that one lender's rates, though.
New lender
Move to a New Lender
You can pick from the whole market, which may mean a lower rate, cashback, or help with legal costs. Expect a full application with credit and affordability checks and a valuation.
What to Check Before You Switch Deals
What switching saves over 5 years
Count the Saving Over the Deal, Not the Whole Term
A new rate only lasts for the deal, so the calculator measures the saving over the deal length you enter. It adds two things together: what you pay during the deal, and how much less you still owe when it ends. On a repayment mortgage a lower rate helps both ways, since more of every payment comes off the balance.
5.00% fixed for 5 years
Fee paid up front
- Product fee today
- £999
- Monthly payment
- £1,319.91
- Saved over 5 yrs
- £18,446
5.00% fixed for 5 years
Fee added to the loan
- Product fee today
- £0
- Monthly payment
- £1,326.50
- Saved over 5 yrs
- £18,215
Pay the Product Fee or Add It to the Loan
Pay the product fee up front and the switch pays for itself once the monthly savings cover it. Tick Add the fee to the mortgage and nothing leaves your account today, but the fee joins the balance and gathers interest. The remortgage calculator shows the saving over the deal both ways. Legal costs and cashback have their own boxes and move the break-even month too.
Valuation
- Estimated value
- £350,000
- Mortgage balance
- £200,000
- Loan-to-value
- 57.1%
Know Your LTV Before You Shop
Enter your property value and the calculator shows your loan-to-value. Lenders usually keep their lowest rates for lower LTVs. If your home has gone up in value or you've paid a good part of the loan off, your LTV may now be lower than when you last borrowed, which can open up cheaper deals.
Working Out a Remortgage Saving by Hand
The payments come from the standard mortgage formula. The part that's special to remortgaging is the deal: the saving is counted over its length, including the balance left at the end. Here it is worked through for the mortgage in the pictures, followed by the terms used on this page.
The Formula
- M is the monthly payment. For an interest-only mortgage it's simply P × r.
- P is what you owe now, plus the product fee if you add it to the mortgage.
- r is the monthly rate: the yearly rate divided by 12.
- n is the months left on the whole term, not just the deal.
Example: £200,000 Over 20 Years, SVR at 7% vs a 5% Five-Year Fix
Work out both monthly payments
£200,000 over 240 months comes to £1,550.60 at 7% and £1,319.91 at 5%, so the new deal is £230.69 a month cheaper. Amounts are rounded to the penny here.
Add up five years of payments
Staying, 60 payments come to £93,035.87. Switching, 60 payments plus the £999 fee come to £80,193.69. That's £12,842.18 less.
Check what's still owed when the deal ends
£172,513.25 on the SVR but £166,909.73 on the new deal, £5,603.52 less, because more of each payment went to the balance.
Add the two and find the break-even month
£12,842.18 + £5,603.52 = £18,445.70 saved over the deal (the calculator shows £18,446). The £999 fee ÷ £230.69 = 4.3, so the switch has paid for itself by month 5.
Key Terms
- Standard variable rate (SVR) (opens in a new tab)
- The lender's own rate that most deals move to when they end.
- Early repayment charge (ERC) (opens in a new tab)
- A fee for leaving a deal early, or for overpaying more than it allows. Your mortgage terms set out how much.
- Product transfer (opens in a new tab)
- A new deal with the lender you already have.
- Remortgage
- Moving your mortgage to a new lender for a better deal. In the US it's called refinancing: try the refinance calculator.
- Product fee
- A charge for taking a deal, also called an arrangement fee. Pay it up front or add it to the mortgage.
- Loan-to-value (LTV)
- What you owe as a share of your home's value.
- Deal length
- How long the new rate lasts, in years. Part years work too: 2.5 is 30 months.
- Cashback
- Money some lenders pay you when the new deal starts. The calculator takes it off your switching costs.
Remortgage Calculator FAQs
What happens when my fixed rate ends?
Unless you've agreed a new deal or remortgaged, your rate moves to the lender's standard variable rate, as MoneyHelper (opens in a new tab) explains. The SVR is often higher than the lender's deals, so the payment usually goes up. Enter the SVR in Current rate or SVR to see by how much.
Product transfer or remortgage: which is cheaper?
It depends on the offers. Enter your lender's product transfer rate and fee as the new deal and note the saving over the deal. Then do the same with a remortgage quote, adding legal costs and cashback. The bigger saving is the cheaper choice for that period.
Is it worth paying an early repayment charge to remortgage?
To find out, enter your current fixed rate, the charge in Early repayment charge, and the new rate, but set Deal length to the time left on your current fix, such as 0.5 for six months. After that you could switch without the charge anyway, so only those months count. If you'd take the same deal, with the same fee, once your fix ends, leave the product fee out. If the saving is still above zero, leaving early pays.
Can cashback make a higher rate worth it?
It can over a short deal. Cashback is taken off your switching costs, so it brings the break-even month forward, but a higher rate costs more every month. Compare the saving over the deal, which counts both.
Does it work for interest-only mortgages?
Yes. Change the first box in the calculator from Repayment mortgage to Interest-only mortgage, and each payment is worked out as interest alone, so the balance isn't paid down during the deal. The saving then comes from the lower rate and the fees.
Can I borrow more when I remortgage?
Many lenders let you, but this calculator doesn't model it: it compares the balance you have now, plus the fee if you add it. For extra borrowing, ask for a quote on the larger amount. The saving shown here is on what you already owe.
What if my lender changes the SVR?
The calculator assumes both rates stay the same for the length of the deal. An SVR can move whenever the lender changes it, and a rise would make staying put cost more. Run it again with a higher SVR to see how the gap grows.
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Have your latest mortgage statement and the new offer to hand. In a minute you'll see the monthly saving, the break-even month, and what switching is worth over the deal. It's one of the tools on our free online calculator site, so there's no account to set up.