Remortgage calculator

The best time to start looking is three to six months before your current fixed or tracker deal ends. Most lenders let you lock in a rate up to six months in advance. If you wait until you fall onto the standard variable rate (SVR), you will usually pay significantly more each month. You can also remortgage mid-deal, but an early repayment charge may apply — use this calculator to check whether the saving outweighs the cost.

An early repayment charge is a fee your current lender charges if you leave a fixed-rate or tracker deal before the term ends. It is typically 1–5% of the outstanding balance, and it decreases year by year within the deal period. For example, a 5-year fix might have a 5% ERC in year one, 4% in year two, down to 1% in year five. Always check your mortgage offer documentation or call your lender to confirm the exact figure before switching.

Two-year fixes give you more flexibility — you can switch to a better rate sooner if rates fall. Five-year fixes give you payment certainty for longer, which many homeowners prefer for budgeting. As of 2026, five-year fixed rates are often only slightly higher than two-year rates, making longer fixes popular. The right choice depends on your view of future rates, your circumstances, and how much certainty matters to you.

A product transfer (or rate switch) means moving to a new deal with your existing lender without going through a full application. It is quicker and usually has no legal fees or valuation costs. Remortgaging means switching to a new lender entirely, which requires a full application and conveyancing. Product transfers save time but you miss the opportunity to compare the whole market. A mortgage broker can tell you whether your current lender is competitive.

Yes — this is called a further advance or capital raise. Lenders assess affordability in the same way as a new mortgage. Common reasons include home improvements, consolidating debt, or releasing equity for other purposes. Be aware that borrowing more resets the clock on that portion of the debt and increases your total interest bill. Lenders will only go to a certain LTV, typically 85–90%, so your equity level matters.

Most new mortgage products come with an arrangement fee, typically £500–£2,000. Some deals are fee-free but carry a slightly higher rate. A low rate with a high fee is not always better than a slightly higher rate with no fee — it depends on your loan size and how long you stay on the deal. Always compare the total cost over the fixed period (monthly payment × months + fee) rather than the headline rate alone.