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Remortgage Calculator

Updated: February 24, 2021

Pete Mugleston
Author: Pete Mugleston Mortgage Advisor, MD

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.

Play with our calculator here for an accurate measure of what a mortgage will cost, and you can also check how much you can borrow as well as get approved by the best lender, with our partners Mojo, for FREE!

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’re looking to remortgage with bad credit this can be tricky but not impossible.

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.

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 remortgaging for home improvements, releasing capital to purchase a buy-to letremortgaging to release equity to pay for a wedding or holiday, remortgaging to pay off debts 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…

Affordability Range (3x)

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 broker.

Make an enquiry for a free, no-obligation chat and we’ll match you with a broker experienced in helping other customers in similar circumstances.

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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

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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

Affordability Range (3x)

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.

Either way, you should talk with one of the expert advisors we work with for the right advice, or check out our article on equity release calculators here.

How do remortgage lenders calculate LTV?

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%.

Call us today on 0808 189 2301 or make an enquiry and we’ll introduce you to a remortgage broker who specialises in cases just like yours. We won’t charge a fee and there’s no obligation to act on the advice you’re given.

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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the 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 information 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.

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