Enter your current balance, rate and remaining term against a prospective new rate to see the monthly and total saving — net of the fees and any early repayment charges that decide whether the switch pays. The calculator runs the arithmetic every expiring fix should trigger.
For contractors the remortgage moment carries an extra dimension: income reassessment. A day rate that has grown since the original mortgage can unlock additional borrowing in the switch — and a changed structure (a move inside IR35, a new company) changes the right lender, as our remortgage page maps in full.
The saving is the rate gap applied to the balance over the comparison period, minus the switching costs: arrangement fee on the new deal, valuation and legals (often lender-paid on remortgage), and any ERC for leaving the current deal early. ERCs typically taper by year — the calculator shows whether waiting out a taper step beats switching now.
Compare against your lender's product transfer offer too: the no-reassessment, low-friction internal switch is sometimes the right answer, and always the benchmark the open-market saving must beat.
Remortgaging to a new lender means fresh income assessment — which cuts both ways. The grown day rate, the matured contracting history, the healed credit file: each can unlock better tiers than the original mortgage accessed. The changed structure or the current gap: each shapes which lender reads the file best now.
We run the reassessment alongside the rate arithmetic on every expiring fix — the saving is frequently larger on the income side than the rate side.
