Remortgage Calculator

Remortgage Calculator

Our Remortgage calculator will help you get an instant indication of what your payments for a remortgage could be. Remortgage calculators are invaluable when you’re looking for a new deal. You can enter a few pieces of information to see your options. Your property price, the mortgage amount you need, and the term you’re looking to borrow over are all vital.

Did you know we could secure a remortgage/product transfer 6 months before your existing fixed rate ends

The following remortgage calculator is intended for the UK only.
It is fixed rate at 2.24% for good credit and 3.4% for poor credit. This is an example only to give you an indication of the sort of costs you could be paying.

To get an accurate quotation, please complete our apply form or speak to a mortgage advisor. The consultation is free.

Remortgage Calculator

Current mortgage details

£
£
%
yrs
%

Summary

Your current monthly payment should be (based on the information you have entered)

£{{ !isNaN(current_repayment_basis) ? current_repayment_basis : 0 | currency }}

(repayment basis)

New mortgage details

£
£
%
yrs

Summary

Your new estimated monthly payment could be

£{{ new_estimated_monthly_payment | currency }}

Loading...

Representative Example:
Mortgage amount £170,995 (including £995 lender fee), 64 payments of £748.30 at a fixed interest rate of 2.28%, followed by 236 payments of £889.60 at a variable rate of 4.24%. Over a term of 25 years, giving a total amount payable of £258,861 at an APRC of 3.6%. The contract will be secured against your property.

Remortgage FAQ

Remortgage calculators are invaluable when you’re looking for a new deal. You can enter a few pieces of information to see your options. Your property price, the mortgage amount you need, and the term you’re looking to borrow over are all vital.

You can use our free remortgage calculator today to get an idea of the possibilities. We also include advanced features to help you search for fixed or variable rate deals over different product periods. And of course, we’re here to help when you need further information.

The answer is usually yes, but it depends on your current situation. Speak to one of our brokers to get a better understanding.

There are many reasons why you may want to consider a remortgage, even if you have bad credit.  You may just need a better interest rate, which could save you money each month or give you security of payment.  Perhaps you wish to raise additional funds to consolidate debts or make improvements to your home.

Whatever your need, we have access to a wide range of products and could help to secure you finance no matter what your circumstances.

When you remortgage, you don’t need to move home. Instead, you switch from your existing mortgage to another one. This could be with the same lender or a different one. This typically happens when the existing mortgage ends or when a fixed rate ends, or when circumstances suggest that switching deals may be cheaper.

Remortgaging means changing the existing mortgage on your property to a new one without moving. This may be with the lender you’re already with, or by swapping to another lender.

This is a very simple process.

This can quite often in most cases save you money.

There are various costs involved in remortgaging. One of the key ones to be alert for is an early repayment charge on your existing mortgage. However, you can look 6 months before your current fixed rate is up. For example, if you have a five-year fixed-rate deal, you may be charged if you try to exit that deal before the five years are up.

This fee could mean it is cheaper to stay on your current deal until it ends, rather than remortgaging early. If you think about switching, you must be sure the savings you’d make in doing so will outweigh the cost of remortgaging.

If you don’t have an early repayment fee to worry about, there are still likely to be other costs to think about. These may include:

  • Arrangement fees
  • Valuation fees
  • Conveyancing fees
  • Broker fees

Some of these fees can be covered or included in your remortgage.

If you source a remortgage deal for bad credit via one of our brokers, we can clarify the various fees that might be involved. There can be a lot of number crunching happening when you source a new deal.

It’s important to know which fees apply to which remortgage deal. It’s common for a low interest rate to have a high arrangement fee. You’re unlikely to get the best of both worlds in this case. Finding the right balance to give you the best remortgaging deal even with a bad credit history is vital, and we could help you do that.

A bad credit history can be problematic when you’re looking to remortgage. If you’re eager to switch to a better deal and your credit rating is letting you down, we may be able to help. The brokers at Clever Mortgages are experienced in helping people just like you remortgage with bad credit.

We try to answer all your questions about remortgages in this section. But if there is anything you don’t understand, or need more information, click live chat in the bottom corner or give us a call and we will be happy to discuss your remortgage queries.

A missed payment isn’t the same as a late payment. Most people forget to pay a bill occasionally, but in most cases, they’ll rectify the error and pay it as soon as they realise. A missed payment occurs when you don’t pay the bill at all – late or otherwise. As such, it has a greater effect on your credit record than a late payment.

If you have missed one or more payments, they will remain on your credit file for six years. When a lender considers you for a remortgage deal, they’ll look for missed payments. If they find one or more, they’re likely to see how recent they were. If you missed one five years ago but have paid on time ever since, this is far less likely to affect your application than if you missed a payment a few months ago.

In every case, though, you may stand more chance of remortgaging with missed payments on your credit record if you speak to a broker with experience in this sector of the mortgage market.

If you cannot find a competitive remortgage deal with your current lender, it may be time to look elsewhere. The application process may be more involved than it would be if you stayed with your existing lender. They won’t know you, so you’ll need to complete more paperwork to supply all the information they need.

If you find a competitive deal with another mortgage provider, you’ll need to get an Agreement in Principle (AiP) first. When you’re ready to switch, you’ll need to make a formal application for that mortgage deal.

Switching may be harder if you have bad credit. However, it’s not impossible. We regularly help people find better remortgage deals. There could be extra costs involved when switching to a new lender, but our expert brokers can guide you through the options to find a competitive offer.

Remortgaging should always be done with care. In some scenarios, the cost of remortgaging may mean it is cheaper to stay with the deal you’re on. For example, you may be subject to early repayment charges if you exit a deal within a certain period.

However, if you can get a cheaper deal elsewhere that would work out better over the time you hold it for, it may still be better to switch. A good example would be if you’re currently on a higher interest rate and you could get a far cheaper one with another lender. Even though you’ll see higher rates with lenders specialising in bad credit remortgaging, there’s still plenty of variety in that market. Speaking to a broker could make it easier to find a competitive deal.

Speak with one of our expert remortgage  specialists

If you’ve looking for a remortgage, don’t worry – one of our expert brokers will be able to review your current situation and advise on the best way of moving forward. The initial advice is free, there is only a cost if you proceed with a mortgage. Call today on 0800 197 0504

What to do next

Speak to a broker

Arrange a callback with one of our expert mortgage brokers who can analise your situation and advise of the best way forward at a time thats convienient for you. Alternatively, use the live chat in the bottom corner.

Complete our form

Complete our mortgage form. Although its not a mortgage application, and will not affect your credit score, it will give you a good indication of what you can borrow and afford, as well as giving our brokers a bit more information about you.