Remortgage Calculators

Looking for a remortgage calculator? We have one you can use for free and can also match you with a remortgage specialist to help you refinance.

Home Mortgage Calculators Remortgage Calculators
Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Updated: March 18, 2024

You can use our remortgage calculator to work out what your new mortgage payments and loan-to-value ratio will be after you’ve refinanced, with or without releasing equity.

Give it a try below and read through the rest of this article to find out what to do next.

Remortgage Calculator

Our remortgage calculator can tell you what your new loan-to-value (LTV) ratio and repayments will be after you've remortgaged, with or without releasing equity from your property.


Estimate if exact value is unknown
£
Estimate if exact value is unknown
£
Amount must be less than property value
Leave blank if no equity is being released
£
What will the new term length be after you've refinanced?
years
Enter the mortgage rate, 5.5% is a typical rate currently but this can vary
%

New LTV:

After you have remortgaged your new LTV ratio will be and your new mortgage payments will be as indicated below…

New Monthly Repayments:

Get started with an expert broker to find out how much they can help you save on your remortgage.

How our remortgage calculator works

Our remortgage calculator can tell you what your new LTV and repayments will be when you refinance.

Enter your property value, remaining mortgage balance, mortgage term and interest rate, and the tool will do the rest. If you need to release any equity, there’s an option for that too.

You can also play around with different interest rates to see how they impact things.

Calculators are great, but they don't tell you everything you need to know. If you'd prefer an expert advisor to help, fill this out!

Calculating your maximum borrowing

Our remortgage calculator gives you a rough idea of the maximum amount you could borrow when refinancing, but if you want a detailed breakdown of this, including information about how it can differ from one lender to another, try our mortgage affordability calculator below.

Mortgage Affordability Calculator

Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.

Input full salaries for all applicants
£

Your Results:

You could borrow up to 

Most lenders would consider letting you borrow

This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.

Some lenders would consider letting you borrow

This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.

A minority of lenders would consider letting you borrow

This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.

Get Started with an expert broker to find out exactly how much you could borrow.

Get Started

Calculating a buy-to-let remortgage

The repayments and loan-to-value calculations are no different for a buy-to-let mortgage compared to a repayment one, so our calculator can help you work these figures out for your investment property. Affordability is, however, calculated very differently.

Head over to our buy-to-let mortgage calculator page to work out how much you can borrow when refinancing your property.

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Working out how much equity you can release

Our remortgage calculator includes an input field for homeowners who need to release equity/borrow extra when they refinance. The unlocked capital is factored into the calculations and reflected in the new loan-to-value ratio and repayments it outputs.

One thing to consider, though: some mortgage lenders impose LTV caps and maximum borrowing amounts of remortgage customers who are releasing equity, based on the purpose of the funds.

These can include the following:

  • A maximum LTV of between 75% and 85% for general purposes, such as funding the purchase of a second property.
  • An LTV cap of 90% if you are renovating a property or funding home improvements.
  • An LTV cap of 60-85% if you are consolidating debt.
  • Maximum borrowing of £250,000 if you are using the funds to buy or renovate a property.

How to calculate your LTV ratio

If you want to work out your loan-to-value ratio before you search for a remortgage deal, you can use our LTV calculator below to find out what it currently is.

LTV Calculator

This calculator will tell you what your loan-to-value (LTV) ratio is, based on the property's value, your deposit/equity and the amount you're borrowing.

Enter an amount in pound sterling
£
Property value minus your deposit/equity
£
Loan amount must be less than property value

Your Results:

Your LTV is

This means that most mortgage providers will consider your deposit amount to be more than satisfactory, but speaking to a broker is still recommended to ensure you get the best deal.

This means you’re likely to meet the deposit requirements at most lenders, but since many reserve their best rates for those with higher deposits, speaking to a broker is recommended.

Many mainstream mortgage providers would consider this high and be reluctant to lend. Applying through a mortgage broker may be necessary to find a specialist low deposit mortgage lender.

LTVs have a direct impact on the rates available to you - speak to a mortgage broker and find out how to get the best deal based on your ratio.

Get Started

What you should do next

Now that you’ve run some calculations for your remortgage, your next step should be to speak to a broker who specialises in arranging remortgages to make sure you get the best deal.

Although the results our calculator provides are a good starting point, the right mortgage broker will be able to provide you with bespoke calculations and help you get the lowest interest rate on the most favourable terms based on these numbers and your profile as a borrower.

Call 0808 189 2301 or make an enquiry and we’ll match you with the remortgage specialist who is best placed to help you save time and money when refinancing your property.

Calculators are great, but they don't tell you everything you need to know. If you'd prefer an expert advisor to help, fill this out!

FAQs

The way you would work out your mortgage affordability and loan-to-value ratio when remortgaging a Shared Ownership property will be different as your calculations should focus on the portion of the property you will own, not the overall value.

If you’re buying extra shares through staircasing, this should be factored in.

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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