UK Remortgage Calculators 2025

The best time to remortgage is typically 3-6 months before your current deal ends. This gives you time to research options and complete the process without reverting to your lender's higher standard variable rate. Also consider remortgaging if rates have dropped significantly or your circumstances have improved.

Typical remortgaging costs include arrangement fees (£0-£2,000), valuation fees (£150-£500), legal fees (£300-£800), and potentially early repayment charges. Total costs often range from £500-£3,000, but many lenders offer free valuations and legal work to attract customers.

Yes, this is called a "remortgage with additional borrowing." You can typically borrow up to 80-90% of your property's current value, minus your existing mortgage balance. The extra funds can be used for home improvements, debt consolidation, or other purposes, but consider the increased monthly payments.

If your property value has fallen, your loan-to-value ratio increases, which may limit your remortgaging options and result in higher interest rates. You might need to make an additional payment to reduce the mortgage balance, or you may need to wait until property values recover or you've paid down more of the mortgage.

The remortgaging process typically takes 4-8 weeks from application to completion. This includes time for the lender's valuation (1-2 weeks), mortgage offer (1-2 weeks), and legal work (1-2 weeks). Simple remortgages with the same lender (product transfers) might be faster (2-4 weeks), while complex cases or busy periods might take longer. Start the process 3-6 months before your deal ends to avoid delays and SVR rates.

Yes, using a mortgage broker is highly recommended for remortgaging. Brokers access exclusive deals not available directly to consumers, compare 100+ lenders in minutes, and handle all paperwork. Most brokers are free (paid by lenders), and they can save you thousands by finding the best deal for your circumstances. They also increase approval chances by matching you with suitable lenders and presenting your application professionally.

A product transfer is switching to a new deal with your existing lender without changing lenders. Advantages: faster (2-4 weeks), no valuation or legal fees, no credit check (usually), and no early repayment charges. Disadvantages: limited to your current lender's deals, which may not be the most competitive. Always compare your lender's product transfer rates with the wider market - you might save £50-£150/month by switching lenders, even after fees.

Savings vary based on your current rate and new rate. Typical scenarios: (1) Moving from SVR (6-7%) to fixed rate (4-5%) on £200,000 mortgage = £200-£300/month (£12,000-£18,000 over 5 years), (2) Switching from 5% to 4% fixed rate on £250,000 mortgage = £140/month (£8,400 over 5 years), (3) Improving LTV from 85% to 75% might save 0.3-0.5% = £60-£100/month. Use our calculator to see your exact savings including all fees.

Most lenders require a credit score of 650+ (Experian) or 380+ (Equifax) for standard remortgage deals. Scores of 750+ (Experian) or 420+ (Equifax) unlock the best rates. If your score has improved since your original mortgage, you'll access better deals. If it's declined, you might face higher rates or need a specialist lender. Check your credit report 3-6 months before remortgaging and fix any errors. Avoid new credit applications in the 3 months before applying.

Yes, self-employed remortgaging is common, but you'll need 2-3 years' accounts or tax returns (SA302 forms). Lenders typically average your last 2 years' net profit to calculate affordability. Some lenders accept 1 year's accounts if you have a strong credit history. Contractor? Some lenders use day rate × weeks worked. Self-employed applicants often benefit from using a broker who knows which lenders are self-employed-friendly and can present your income in the best light.

If you don't remortgage when your fixed-rate deal ends, you automatically move to your lender's Standard Variable Rate (SVR). SVRs are typically 2-3% higher than new fixed rates. On a £200,000 mortgage, this means paying £300-£450 more per month - that's £18,000-£27,000 extra over 5 years! SVRs can also change at any time, making budgeting difficult. Always remortgage 3-6 months before your deal ends to avoid expensive SVR rates.

Yes, remortgaging to release equity is very common. You can typically borrow up to 80-90% of your property's current value, minus your existing mortgage balance. Example: £300,000 property, £180,000 mortgage remaining, 80% LTV = £240,000 available (£60,000 equity release). The extra funds can be used for home improvements, debt consolidation, or other purposes. However, you'll pay interest on the additional borrowing, and monthly payments will increase. Ensure the improvements add value to your property.

Usually yes, especially if you're near the end of your fixed term (no early repayment charges). On a £200,000 mortgage, a 0.5% rate reduction saves approximately £60/month (£720/year). If remortgage costs are £1,500, you break even in 2 years and save £1,800+ over a 5-year fixed term. However, if you're mid-term with a 3% early repayment charge (£6,000 on £200,000), you'd need to stay on the new rate for 8+ years to break even - rarely worth it unless rates have dropped dramatically (1.5%+).

The lender will require a valuation to confirm your property's current value, but this is typically a basic desktop or drive-by valuation (£150-£300), not a full structural survey. Many lenders offer free valuations as part of their remortgage package. If you're staying with the same lender (product transfer), they often waive the valuation entirely. You don't need a homebuyer's survey or full structural survey unless you're planning major works or suspect structural issues - these are optional and cost £400-£1,500+.