Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.
Updated: 30th June 2020*
We get a lot of enquiries from customers who are refinancing a mortgage, many of whom want to know how to use a re-mortgage calculator to find the best solution for their circumstances.
Jump to our calculator journey to establish what you can afford, the costs and which of the best deals you’ll qualify for.
There are remortgage calculators available but bear in mind that everyone is different, with different circumstances, so a remortgage loan calculator can only give you a rough indication of the deals and rates you’d qualify for.
If you want the most accurate figures, talk to one of the advisors we work with, they’re experts when it comes to remortgaging and can give you the right advice.
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What is a remortgage calculator used for?
For whatever reason, you’ve decided that you want to remortgage your home.
This could be for a number of reasons including financing some much-needed repairs or enhancements to your home, purchasing a buy-to let, paying for a wedding or holiday, the list is almost endless.
Finding a remortgage calculator for the UK is a good first step to working out whether it’s likely to be worth it in your circumstances. Much depends on how much equity you have, your current employment status and credit rating..
Where can I find the best online remortgage calculator?
After a great deal of research and trial and error, we have created what we think is the most user-friendly and accurate remortgage affordability calculator available.
You can use it below to get an idea of how much you can borrow…
If you’d like to confirm your calculations or get the right advice on what to do next, you can arrange a free consultation with a remortgage expert here.
How to use our remortgage repayment calculator
Before you can make use of our remortgage calculator, you’ll need a few key pieces of information to hand.
To use our remortgage calculator and find out how much can I borrow, you’ll need:
The loan amount: either the remaining balance on your existing mortgage if switching.
Property value of your home or property.
The remaining term, in years, on your mortgage, or the term you plan to apply for
Repayment type: (actual or desired), i.e. interest only or repayment
Once you’ve used all these values to populate the calculator, it should be able to give you some useful insights into how much your repayments will be and if remortgaging will offer a better deal than you already have.
Don’t forget that any information provided to you by a mortgage calculator are for illustration purposes only, and while they can be useful tools for helping you to budget, they shouldn’t be treated as 100% accurate as every lender’s own way of calculating things is unique.
For a more accurate picture, we recommend speaking to one of the expert brokers we work with who can factor in all your individual circumstances and priorities.
You can arrange a free, no-obligation consultation here.
Where to find the best remortgage calculator
There are numerous free remortgage calculators available online, usually made by lenders that offer mortgages or by personal finance or comparison sites.
While these tools can offer a helpful way to get a ballpark figure while you’re researching options, it’s in your best interests to speak to one of the whole-of-market brokers we work with for a more accurate idea of any potential savings, as different calculators don’t always return the same results.
You can find a remortgage calculator fairly easily through many of the major lenders, or through certain personal finance sites.
Or you can use our calculator below
You can arrange a free consultation with one of the expert remortgage advisors we work with here, for a more accurate picture.
How does location affect remortgage calculations?
There are a number of factors that can affect remortgage calculations.
It’s a cliché, but location, location, location holds true, especially as in many instances, the land is often more valuable than the home that sits on it.
The closer the property is to amenities such as shops, schools, restaurants and transport links, the more ‘sellable’ the property is, which means lenders are more likely to get a return on their investment if things go wrong.
Other factors to consider would be, is the property –
In a flood zone?
Close to an industrial site?
Hard to reach? (ie, unmade or rural roads)
In a rural area?
All of these factors can affect a remortgage and will not be taken into account by a remortgage calculator in the UK, so you will need to speak to a broker who is an expert in this area, like the ones we work with.
Is there a remortgage equity release calculator?
Equity release is a little more complicated than a straight remortgage. It all depends on how much equity you have in your many factors that a calculator may not be able to take into account, such as –
How much equity you have in your home
Your age (typically you need to be 60, but some lenders accept younger applicants)
Do you have dependants who you would like to be able to inherit your property? (equity release can reduce the value of your estate)
Most lenders will allow you to borrow up to 50% of your home’s value, and you can release the equity as either a lump sum or regular payments.
Simply put, LTV or Loan to Value, is the difference between the value of the property and the size of your mortgage. Here are some examples –
Purchase Price
Deposit
Mortgage
Loan to Value (LTV)
£155,000
£5,000
£150,000
96.7%
£165,000
£15,000
£150,000
90.9%
£175,000
£25,000
£150,000
85.7%
£180,000
£30,000
£150,000
83.3%
£190,000
£40,000
£150,000
78.9%
£200,000
£50,000
£150,000
75%
£225,000
£75,000
£150,000
66.6%
£250,000
£100,000
£150,000
60%
£275,000
£125,000
£150,000
54.5%
£300,000
£150,000
£150,000
50%
The above table is for comparative purposes only. You should talk to your lender or broker for the most up-to-date information for your circumstances
When it comes to working out your loan to value (LTV) for the purposes of remortgaging, divide your outstanding mortgage amount by your properties value and then multiply by 100.
So if you have a £150,000 mortgage on a property worth £250,000, your LTV would be 60%.
Speak to an expert about how remortgages are calculated today
If you’ve done the sums and think that remortgaging is right for you, then one of the advisors we work with can answer any remaining questions you may have and scour the whole market to find the best product for you and your family.
To speak to a specialist for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry here.
Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.
*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.
Pete Mugleston
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 OMA of course! Read more about Pete here...
