United Kingdom
UK remortgage calculator
Stay on the lender's SVR or switch to a new deal — with the early repayment charge (ERC) and break-even factored in.
Your current mortgage
Stay on SVR, or switch?
Doing nothing means reverting to the lender's SVR. Switching may cost an early repayment charge — here's how they compare.
It's close — weigh the numbers below
Switching saves about £287.49/mo (£3,450/yr) versus the SVR.
- If you do nothing (SVR)
- £1,653.19/mo
- On a new deal
- £1,365.70/mo
- Early repayment charge now
- £2,200 (1%)
- Break-even on the ERC
- 8 mo
Your current deal has about 6 months left, after which the ERC disappears and you can switch free of charge.
If your new-deal rate lands differently
| New rate | New payment | Saving vs SVR |
|---|---|---|
| 4.42% | £1,304.57/mo | £348.62/mo |
| 4.67% | £1,334.95/mo | £318.24/mo |
| 4.92%(quoted) | £1,365.70/mo | £287.49/mo |
| 5.17% | £1,396.82/mo | £256.37/mo |
| 5.42% | £1,428.31/mo | £224.88/mo |
This uses a typical published ERC schedule, not your actual mortgage offer. Your real ERC may differ — check your offer document or annual mortgage statement for the exact figure before making a decision.
Open the UK mortgage calculatorAn estimate to help you plan — not financial advice or a mortgage offer. Check your own offer document for your exact ERC before deciding.
Remortgaging is how UK borrowers avoid their lender's expensive standard variable rate: as a fixed deal ends, you switch to a new fixed rate, with a new lender or your own. The maths is the new rate's saving against any early repayment charge and product fee. This calculator works it out.
How this calculator works
Remortgage before your fix ends and you'll usually pay an early repayment charge — often 1–5% of the balance, tapering over the deal. Wait until the fix ends and there's normally no ERC.
New deals often carry a product or arrangement fee (frequently £995–£1,499), which you weigh against the monthly saving from the lower rate.
The calculator compares your current payment with the new one and nets off the fees, so you can see whether switching — now or at the end of your fix — is worth it.
A worked example
Remortgaging a £225,000 balance from 6.5% to 5.5% over 25 years:
- Old payment (6.5%) → new (5.5%)
- £1,519 → £1,382/mo
- Monthly saving
- £138/mo
- Weigh against
- any ERC + product fee (~£999)
If you're still inside a fix, subtract the early repayment charge; at the end of a fix there's usually no ERC.
Who it's for
- Your fixed deal is ending and you're choosing a new one.
- You're deciding whether to remortgage early.
- You want to weigh fees against the monthly saving.
Frequently asked questions
When should I remortgage?
Usually as your fixed deal ends — that's when you avoid an early repayment charge and can move to a better rate before drifting onto the standard variable rate.
What is an early repayment charge?
A penalty for leaving a fixed deal early, often 1–5% of the balance and tapering as the deal nears its end. It's the main cost of remortgaging mid-fix.
Are there fees to remortgage?
Often a product/arrangement fee, frequently £995–£1,499, sometimes with valuation and legal costs. Weigh these against the monthly saving from the new rate.
Can I remortgage with my current lender?
Yes — a product transfer stays with your existing lender and is usually quicker with less paperwork, though it's worth comparing against whole-of-market deals.