Coming to the end of a fixed deal? Compare your current rate with a new one to see how much you'd save each month — and over the whole deal period — by remortgaging the balance you have left.
Outstanding balance · remaining term
Remortgaging means switching your existing mortgage to a new deal — usually with a different lender, or a new product with your current one — typically when a fixed or discounted rate ends. The calculator works out your monthly payment at both the old and new rate over your remaining term, and the difference is your saving.
Both payments use the standard amortisation formula on your outstanding balance over your remaining term, so the comparison is like for like. The total saving multiplies the monthly saving by the length of the new deal.
With £200,000 left over 20 years, moving from 6% to 4.5% cuts the monthly payment from about £1,433 to £1,265 — a saving of roughly £168 a month, or just over £10,000 across a 5-year deal, before fees.
| New rate | New monthly | Monthly saving |
|---|---|---|
| 5.5% | £1,376 | £57 |
| 5.0% | £1,320 | £113 |
| 4.5% | £1,265 | £168 |
| 4.0% | £1,212 | £221 |
Start shopping three to six months before your current deal ends, since you can usually reserve a new rate ahead of time. If you're staying put, compare like-for-like with the mortgage calculator; if you might overpay instead, see the mortgage repayment calculator. Check your loan-to-value too, as a lower LTV often unlocks better rates.
With £200,000 left over 20 years, moving from 6% to 4.5% drops the monthly payment from about £1,433 to £1,265 — roughly £168 a month, or just over £2,000 a year before fees.
Usually when your current deal ends, before you slip onto the lender's higher standard variable rate. Start looking three to six months ahead, as you can often lock a new rate early.
Possibly — a new product fee (often £999–£1,499) and a potential early repayment charge on your old deal. Weigh any fees against the interest saved to see if switching pays off.
Yes, many people raise extra funds for home improvements when remortgaging, subject to affordability and your loan-to-value. Borrowing more increases your monthly payment, so check it still fits your budget.
