When to remortgage
Start looking about six months before your deal ends. Most lenders let you lock in a new rate up to six months early. If you do nothing, you move to the standard variable rate (SVR), which is often much higher.
Fees to include
- Arrangement or product fee, often £0 to £1,999.
- Valuation and legal fees. Many remortgage deals include these free.
- Early repayment charges if you leave your current deal early.
- Broker fee, if your broker charges one.
Product transfer or full remortgage?
A product transfer is a new deal with your current lender. It is quick and often has no credit check or legal work. A full remortgage to a new lender can get a better rate, and lets you borrow more.
Frequently asked questions
Is a low fee or low rate better?
On bigger loans a lower rate usually wins. On small loans a no-fee deal is often cheaper. The calculator shows the net saving.
Can I remortgage to borrow more?
Yes, subject to affordability and your LTV. This is called capital raising.
Looking for a home in London?
Homes for saleTo rentThis calculator gives an estimate for guidance only. It is not financial or tax advice. Check the figures with your solicitor, mortgage broker or HMRC before you commit.