Remortgage Calculator

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This is not a quotation under the Consumer Credit Act. Figures are subject to validation of income, credit checks and a property valuation.

What Is a Remortgage?

A remortgage is where you switch to a new mortgage product with a new lender but keep the same property.

To work out how much you could save by remortgaging, use our remortgage calculator (UK). Simply enter the outstanding balance on your current mortgage, the remaining term of your current mortgage, the type of mortgage you have, your current interest rate and monthly payment amount and the new interest rate you're considering.

If you're not sure what remortgage interest rates are on the market, try our best buys below.

See our remortgaging guide for more information on what happens when you remortgage and how it works.

This remortgage calculator is a great place to start – but it’s certainly not a definitive answer – and if it’s not the answer you’re looking for, our experts can review your full situation and advise on the most appropriate course of action, including products you might not previously have considered.

We also have mortgage calculators for home extensions and mortgage overpayments.

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Remortgage Calculator FAQs

How Does the Remortgage Calculator Work?

Our remortgage calculator (UK) will work out how much you could save by changing to a new mortgage deal. It will compare how much you have remaining to pay on your current mortgage deal with the payments you could be making on your remortgage.

All you need to do is put in some details of your current mortgage loan as well as the new interest rate you would get on a remortgage, and our remortgaging calculator will do the rest.

Who Can Remortgage?

Anyone who has an existing mortgage on a property can consider remortgaging options. Most people will look at remortgaging their property when their introductory interest rate comes to an end. You can start to arrange your remortgage up to 6 months before the introductory rate ends. By doing this, you can avoid going onto your lender’s SVR (standard variable rate) which will be much more expensive. 

If you remortgage before your introductory period is due to end, you might face ERCs (early repayment charges), particularly if you opted for a fixed rate deal.

Could My Remortgage Application Be Refused?

Yes, there are various reasons that your remortgage application might be refused. One of the most common reasons is if you have a bad credit rating. If you’ve had adverse credit events that have negatively impacted your credit profile since you took out your current mortgage, then you’ll have less lenders available to you when it comes time to remortgage.

However, even in these cases, our brokers can help find specialist lenders that focus on adverse credit cases so that you can still remortgage. You might also be rejected if your affordability and income are no longer high enough to take out the mortgage loan.

How Much Can I Remortgage My House for?

The amount you can borrow on your remortgage will depend on your income, affordability, the equity you’ve built up in your property and the level of risk you represent to a lender. Most lenders will let you borrow up to 4.5x your annual income.

You can remortgage for the same amount you have outstanding on your current mortgage. Doing this allows you to switch to a better rate as you’ll be taking out a lower LTV (loan-to-value) product because you will have built up equity in your property by regularly meeting your mortgage payments.

You can also remortgage for more than the amount outstanding on your current mortgage. Doing this allows you to release equity from your property that you can use on large expenses like home improvements, helping your children with deposits, weddings and more. The amount of equity you can release will depend on your circumstances and the lender’s assessment, but most lenders offer remortgages at LTVs of up to 95%.

What Percentage Can You Borrow for a Remortgage?

Most borrowers will allow you to borrow up to 95% on your remortgage if you meet their affordability requirements. Remortgaging for more than the amount remaining on your mortgage will let you release equity from your property, which you can then use for home renovations, starting a business, funding higher education, or something else.

Is Remortgaging a Good Idea?

Remortgaging can help you get a better deal and switch to a new fixed interest rate. However, you should be aware of any exit fees that your current mortgage lender might have, especially if you're looking to remortgage before the end of your introductory period. You can use our mortgage calculator for remortgage options to see how much you could save.

How Much Can You Save by Remortgaging?


The exact amount you can save by remortgaging will depend on how your current mortgage deal compares to your new one. You can use our mortgage calculator (UK) for remortgage savings to see how much you could cut your monthly payments by. If you want help making the most of your remortgage, speak to an experienced broker.

How Long Does It Take to Remortgage?

Remortgaging can take 4 - 8 weeks on average. It’s generally quicker than getting your original mortgage as there’s no property chain to worry about. You can start to arrange your remortgage up to 6 months before your introductory offer ends. This is worth doing as it’s a way to ensure you avoid going onto your lender’s SVR and instead switch to your new rate immediately.

How Much Do I Need to Earn to Remortgage My Home?

Most lenders will let you borrow up to around 4.5x your income when you take out a mortgage. If you're applying with a partner, lenders will calculate remortgage affordability based on your joint income. They will also take debts or other outgoings into consideration. Of course, this income multiple is used to calculate your maximum borrowing amount. The amount the lender will actually lend to you will depend on other factors such as your LTV and affordability.

Unless your income has drastically reduced since taking out a remortgage, you’ve recently had some adverse credit events, or your property had severely declined in value, getting a remortgage for the amount you need should be fairly straightforward. If you're struggling to find a lender that will offer you a remortgage, our expert brokers can help you find lenders that have more flexible affordability criteria.

How Can a Broker Help Me Remortgage?

If you're remortgaging to try to save money on your mortgage, then you can use a broker to help you get a better deal than you’ll be able to find yourself. Here at John Charcol, we have expert brokers who will find the right lender for your situation, including lenders that specialise in complex income structure or borrowers with poor credit.

Try our refinance calculator above to see how much you could save, and get in touch today on 0330 433 2927to see how we can help.

Why Use a Remortgage Broker like John Charcol?

We Take Care of Everything

With over 45 years of service, we've seen it all. We can save you money, time and make remortgaging your property easy.

We're Highly Recommended

We have over 1,800 5* reviews on, so you can feel confident that your mortgage is in the right hands.

We Give Personal, Expert Advice

We work around your schedule to help you arrange a mortgage that suits your circumstances, no matter how complex.