Remortgage calculator

This remortgage calculator will search through thousands of mortgages, from over 90 lenders, to find you today’s top deals for the numbers you put in.

The thing it won’t calculate for you is if you’re actually eligible for the remortgage deals you see. That’s because lenders will ask you lots more questions before they agree to go ahead with your remortgage.

So after you get an idea of what you can save – either with a calculator or comparison tool – talk to a Habtio expert to apply for the best deal, and feel confident you’ll get it.

When it’s time to remortgage, some people take the opportunity to borrow more money at the same time.

It’s called ‘releasing equity’. You effectively give part of the mortgage you’ve already paid off back to the bank, in exchange for more money. You can then spend that money on things like home improvements, or giving your kids some cash to buy a home.

If you’d like to know more, we’ve written a plain English guide to remortgaging to release equity.

Your ‘affordability’ is a measure of how much you can afford to borrow on a mortgage, and pay each month, while still having enough money left over to pay your usual expenses and live comfortably.

Before they agree to lend to you, your lender will look at your income and spending to make sure it’s a responsible thing to do.

It’s a good idea to get your finances into shape before you apply for a remortgage.

And if you’re ready to go, you can sign up to chat to a Habito mortgage expert, and get a true picture of your affordability.

Almost always, the answer is yes, it’s a good idea to remortgage.

We know to switch when other introductory deals end, like our phone contract or energy bill. But with mortgages, too many people slip onto their lender’s default rate after their mortgage introductory period is over. If that happens to you, you could end up paying thousands of pounds more than you need to.

Sometimes, of course, it won’t be the right thing to do – for example, if you’re still in your introductory period, or if you have very little left to pay on your mortgage. Here’s more about when remortgaging might not make sense.

It’s always worth at least checking if you could save money, and our remortgage calculator is a great first step. Next, your mortgage expert will do all the maths for you, and tell you for sure.

Most remortgage calculators, including this one, give you a good starting estimate of what you could save.

You’ll notice this calculator doesn’t ask for many details about you. When you actually apply for a remortgage, you’ll have to send your lender much more detail about your income, spending and credit history. Without that detail, every estimate about what you could save is exactly that: an estimate.

And remember, no calculator can tell you if you’ll actually be able to get a remortgage.

Habito can show you what you can really borrow in as little as 15 minutes. Just create an account, tell us what you’re looking for, and your expert will give you a reliable figure.

We acknowledge that, especially in times of fluctuating rates, staying vigilant for more competitive options is important. When the time comes to remortgage, our recommendation is to explore choices across the entire market.

When considering a switch to a new lender or bank, it's important to be aware that unless you stay with your existing lender, a conveyancer will be involved in completing the transaction. However, unlike a purchase, the remortgage process typically takes between 4 to 6 weeks. To ensure a smooth transition and avoid potential pitfalls, we recommend starting the remortgaging process well in advance.

We’ll reach out to you 3-6 months before your existing mortgage deal expires. This time frame allows ample room for us to provide you with a suitable recommendation and begin legal proceedings without the risk of surpassing your current deal's end date. Going beyond this deadline may inadvertently lead to higher costs, as you could end up paying the standard variable rate.

If you're wondering about the optimal timing for switching rates, reach out to us.

When it comes to remortgaging, it's important to note that if you choose to stay with your existing lender, the process typically does not require a solicitor. However, if the decision is made to switch to a different lender for a more favourable rate on the market, a solicitor is required to complete the transaction, typically taking 4-6 weeks.

Should you opt for a rate switch with your existing lender, this can usually be executed within a tight timeframe – typically 48 hours to a week before your existing deal expires. Even if you find yourself approaching us last minute, rest assured that options are still available.

Our free mortgage advice services provide you with the opportunity to discuss your circumstances and weigh the pros and cons of staying with your current lender or exploring options with a new one. Your unique situation is at the forefront of our considerations.