Remortgage Calculator

  • Remortgage specialists
  • Exclusive rates
  • Hundreds of 5-star reviews
  • Free, no obligation initial consultation

Remortgage Calculator

  • Remortgage specialists
  • Exclusive rates
  • Hundreds of 5-star reviews
  • Free, no obligation initial consultation
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Author: Carl Shave - CEO and co-founder
Last updated: 30 May 2024

Remortgaging stages can be very similar to those of getting a mortgage, although some steps are even simplified. You will get the property valued, use a solicitor to handle the transfer, and so on.

It can be an ideal way to save money on your monthly repayments. It can also allow you to raise additional funds, review your mortgage term, and explore many more avenues.

By using our remortgaging calculator, you can get an insight into some of those answers you may be looking for. Use our quick and easy calculator to see what you could borrow.

One thing to remember when looking to remortgage is that you may have to pay an early repayment charge to your existing lender. This is an exit fee that is imposed if you want to leave your term early. All the details of this will be highlighted in the contract that has been agreed with your lender.

Choosing the best remortgage calculator

With numerous calculators from many different websites available, it can be confusing to know which to choose. At the end of the day, they all work in similar ways, but each one may give different results. They can and will vary in what they provide, how they calculate it, and how accurate it is in the current market.

Knowing what you are looking to find out is essential in picking the right calculator. Ask yourself the following questions to find out what’s best for you:

  • How much can you borrow?
  • How much can you save on a new mortgage deal?

By knowing this, you can then establish if the calculator you are intending to use will provide it for you. With the many available calculators, it should not be difficult to find one that will serve its intended purpose.

Our remortgage calculator gives you an indication of how much you could borrow, perfect if you are looking to release equity for something such as home improvements.

However, lots of people want to remortgage to find a better deal and cut their monthly payments. If you want to do so, get in touch and we will pair you with one of our advisers. They will be able to guide you and help ensure you get the right deal for your circumstances.

What information will I need to input into a remortgage calculator?

If you’re looking to use a remortgage calculator in the UK, then you’ll need to know some basics of your situation. The good news is that most of these calculators ask for very minimal pieces of information, making them relatively easy to fill out.

However, it is good to have certain information to hand should you wish to obtain the most accurate result. This information can include:

  • Your income and expenditure, including items such as loans, HP, lease agreements and credit cards.
  • Your required mortgage amount.
  • The approx. value of your property.
  • Your current rate of interest.
  • The current or required term of your mortgage.

Remember though, not all calculators ask for the same information. Regardless of the calculator, having the information noted above should get you through to the right results.

I want to remortgage, how much can I borrow?

How much can you remortgage your house for? How much equity can you remortgage? These are commonly asked questions in the industry. There are usually two main contributing factors when asking mortgage lenders ‘How much can you remortgage?’

The first being affordability, essentially how much you can afford to borrow and comfortably pay back. This is calculated using your personal income and your expenditure. If the property is a Buy-to-Let, the lender will look at the monthly rent you receive. If a lender establishes that you are in a good position to borrow money, then you are likely able to borrow more.

However, if the opposite applies, for reasons like bad credit, it may be more difficult. Although, it’s not impossible; people have been able to remortgage even with bad credit history.

The second factor that will impact your borrowing is the property value and the amount of equity you have. Essentially, the money you have built up in the house over time by paying your mortgage back, the more equity you have the more you can borrow.

As always, its best to speak to an expert who knows the market well.

If you want to know how much you could borrow, get in touch and we will pair you with one of our specialist brokers. They can help ensure you get the right remortgage deal for your needs.