Mortgage balance comparison
Current loan versus best remortgage offer over time
Current mortgage
Best offer
Break-even
United Kingdom · GBP
UK remortgage calculator.
Compare your current mortgage with a new loan to estimate payment savings, total cost and your break-even point.
Remortgage offer comparison
Comparing each offer at your selected ownership horizon
| Offer | Initial rate | Fee-adjusted rate | Percentage fee | Net costs | Payment | Break-even | Balance at horizon | Net result at horizon |
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Rate sensitivity analysis
Stress all remortgage offers at lower and higher rates while keeping their terms and fees unchanged
| Rate change | Winning offer | Adjusted rate | Payment | Break-even | Balance at horizon | Net result at horizon | Change from entered rates |
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Remortgage or reduce the current mortgage?
Compare the best remortgage with using the same amount as a capital repayment
| Strategy | Cash used now | Monthly payment | Balance at horizon | Estimated payoff | Net result at horizon |
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UK planning estimate only—not a mortgage offer or advice. The fee-adjusted rate is a simplified comparison and is not the regulated APRC shown in a lender’s European Standardised Information Sheet or mortgage illustration. Initial rates are held constant for modelling, so enter suitable scenarios for any follow-on or reversion rate.
UK remortgaging guide
Should you remortgage?
Remortgaging means replacing the mortgage on your current home with one from a different lender. A product transfer is a new deal with the existing lender. Either may reduce the payment or provide different features, but fees, early repayment charges and a longer term can offset the apparent saving.
This calculator compares the current mortgage with several offers over the period you expect to keep the deal. It also separates additional borrowing and shows whether using the same cash as a capital repayment could leave you better off.
How the remortgage break-even point works
The simple break-even point divides upfront net switching costs by monthly payment savings. If costs are £2,000 and the payment falls by £100, the break-even point is about 20 months. A switch may be less attractive if you expect to sell, move or change deal before then.
Include any early repayment charge and exit fee from the current lender, plus product, legal, valuation, adviser and administration fees. MoneyHelper warns that a lower rate can still cost more when an arrangement fee is added to the mortgage. Read its guide to remortgaging.
Early repayment charge
An ERC may apply when leaving a fixed or discounted deal early. Enter the actual redemption figure or charge supplied by the lender rather than assuming a generic percentage.
Product fees and cashback
A fee-free deal can carry a higher rate, while a lower-rate product may charge an arrangement fee. Compare net costs and the balance at the same time horizon.
Mortgage term reset
Extending the term can reduce the payment while increasing total interest and delaying repayment. Compare the new payoff date with the remaining term.
Additional borrowing
Borrowing more against the home increases the payment, interest and LTV. The calculator displays its incremental cost separately from the switching result.
Product transfer, remortgage and APRC
A product transfer stays with the current lender, while a remortgage normally moves to another lender. Eligibility, affordability checks, legal work and fees can differ. The FCA notes that an early repayment charge may apply before the end of a fixed or discounted deal and advises borrowers to understand the costs and benefits before switching. See the FCA mortgage guidance.
Use the lender’s APRC and mortgage illustration for the regulated long-term cost comparison. This tool holds each entered rate constant, so it cannot reproduce an initial rate followed by an SVR or another reversion rate unless you test that rate as a separate scenario.
UK remortgage questions
How much lower should the new rate be?
There is no universal threshold. The answer depends on the balance, fees, ERC, remaining and new terms, future rates and how long you keep the mortgage.
When should I start looking?
MoneyHelper suggests shopping around before the current deal ends; starting several months ahead can provide time to compare offers while avoiding an unnecessary ERC.
Does remortgaging restart the mortgage term?
The new mortgage has the term you select. Choosing a term longer than the time remaining can lower the payment but extend the payoff date and increase total interest.
Should fees be added to the mortgage?
Adding eligible fees preserves cash but increases the balance and means interest may be charged on those fees. Compare both upfront and added-to-loan options.
Is the fee-adjusted rate the same as APRC?
No. It is a simplified estimate for comparing the entered scenarios. Use the official APRC and mortgage illustration supplied by the lender.