Remortgage Calculator | How Much Could You Save? – Forbes Advisor UK – Forbes

April 16, 2022 By admin

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The comparison service on our site is provided by Runpath Regulated Services Limited on a non-advised basis. Forbes Advisor has selected Runpath Regulated Services Limited to compare a wide range of loans in a way designed to be the most helpful to the widest variety of readers.
The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. This comes from two main sources.
First, we provide paid placements to advertisers to present their offers. The payments we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market.
Second, we also include links to advertisers’ offers in some of our articles. These “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor.
While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.
The comparison service on our site is provided by Runpath Regulated Services Limited on a non-advised basis. Forbes Advisor has selected Runpath Regulated Services Limited to compare a wide range of loans in a way designed to be the most helpful to the widest variety of readers.
If you are a homeowner, remortgaging onto a better mortgage deal when your current one expires could save you hundreds of pounds in interest every month. 
That’s because you’ll avoid reverting onto the lender’s standard variable rate. SVRs are invariably much higher than the cost of new remortgage deals, such as fixes or trackers, that lenders have on offer.
Our remortgage calculator will give you an indication of how much you could save by switching to a mortgage with a cheaper rate of interest. Find out more on how to use it, below.
Our remortgage calculator is simple to use. Just key in:
Then enter the interest rate of the new mortgage and how many years you want this new deal to last. 
If the new rate is considerably lower, you may want to reduce the mortgage term, say from 20 years to 15. If you did this, your monthly payments might not go down, but you’d clear your debt faster and pay less interest overall.
Next, add in any costs associated with the remortgage, such as arrangement or valuation fees. There’s a space for broker fee too, but many brokers, including our mortgage partner, Trussle, don’t charge customers, taking their fee from the lender instead. 
If you need to pay early repayment charges to get out of your current deal, enter these too. Depending on how long you have remaining, these fees may not be worth paying, versus what the new deal will save you.
Finally, hit the ‘Calculate’ button to find out what you can save each month in mortgage payments, and how much interest you can save overall. 
The calculator will also tell you how many months it will take to recoup any fees you’ve paid out to access the new deal.
Just bear in mind that the numbers are only representative. The exact figures will be determined by the individual lender and your personal circumstances, such as income and credit score.
After you see how much you might save, hit the green ‘View offers’ button to see what mortgage deals are on the market right now.
Casting your net as wide as possible in your search for a new mortgage is key to getting the very best deal. Trussle searches more than 1,200 mortgages from around 90 lenders.
While going to a new lender requires new ID and affordability checks, a good mortgage broker will guide you through this process. At Trussle, you can track the progress of your application from your online profile. It’s also where you upload all the relevant documents in digital format and exchange messages.
With the cost of living rising, time and effort spent getting the right mortgage for you will soon pay dividends, whether it’s more flexibility, cash back in your pocket – or both.
Trussle is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage – and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage.
I've been involved in personal finance and property journalism for the past 20 years, editing websites and writing for national newspapers. My objective has always been to offer no-nonsense information to readers that either saves or earns them cash.

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