A remortgage calculator is a helpful tool for calculating the potential monthly costs of any particular remortgage deal. By entering the details of the remortgage deals you are interested in, you can get quotes from a mortgage specialist and work out which one is going to be the cheapest.
Loan repayment term (i.e. 25 years) You may be looking to remortgage your property if your current mortgage agreement has come to an end or you are unhappy with your present provider and wish to switch policies. There are many advantages to remortgaging, some examples of which would be:
- It could save money if you find a better deal.
- If you are currently struggling to manage your debts it could help you consolidate them and make payments easier.
- The capital you release could be used for such things as home improvements or renovations etc.
You could pay off your mortgage early.
See our tables below are designed to help you compare mortgages that are available on the market today.
There are however, some things that you should be wary of when considering remortgaging your home. For example, if you were to run into debt or other problems with money in the future your home would be at greater risk.
To give you a rough idea of how much your monthly repayment will be after remortgaging, there are a number of online remortgage calculators made available by lenders. The calculators can be used to compare mortgage deals successfully and give you a better idea of the premiums you will most likely pay.
Remortgage calculators work with a number of different criteria in mind, some of which include:
- The amount you want to remortgage your property
- The interest rate
- How long you want the policy for
- And the type of remortgage you want (repayment or interest only)
- Keep in mind that the interest rates are likely to change so the calculator will not be able to provide you with an accurate repayment amount.
The lowest remortgage rates may not always be the best policy to take out and it is important to read the terms and conditions before deciding which one is best.