Remortgage calculator

Why remortgage?

Whether you’re looking to switch to a better deal, coming to the end of your existing mortgage term, or want to borrow money against your property, a remortgage could be the solution for you.

Remortgaging to get a better deal

When you first take out a mortgage, your initial rate is often an introductory offer that lasts for a set time, like two, five, or ten years. Once this period ends, most people are moved onto their lender’s SVR.

Better interest rates

If you’re on your lender’s SVR, you’ll probably be paying more than necessary. Remortgaging can give you peace of mind, especially if you switch to a fixed-rate mortgage, where your repayments stay the same for a set period. However, if you’re thinking about switching before your current deal ends, keep in mind any Early Repayment Charges and other fees—this is where our advisers can guide you.

When you own more equity in your home

Mortgages are based on your loan-to-value ratio (LTV), which compares the loan amount to your property’s value. If your home’s value has increased since you bought it, or you’ve paid off a chunk of your mortgage, your LTV will be lower. A lower LTV means less risk for the lender, which often means better deals for you.

Remortgaging for home improvements

If you’re planning home improvements you might be able to remortgage and borrow more, provided you have enough equity in your home. This extra money could then be used to fund your renovations.