Remortgage Calculator
Our remortgage calculator is designed to help you understand how much you could remortgage your house for. All you need to do is fill out a few simple questions about your income and expenses. You will then be able to gauge what you could borrow, preparing you for the application process.
Fill out our quick and easy remortgage calculator below. We only require a few details to see how much you may be able to borrow.
NO CREDIT CHECKS!
How much can I remortgage my house for?
When looking to remortgage there are two determining factors. The first is affordability.
With affordability, a lender will look at what you can pay back based on your income and expenses. Remember, lenders assess you heavily on perceived risk. Therefore, the less risky you are deemed, the more you will be able to remortgage. Essentially, this means that you will likely be deemed ‘less risky’ by a lender if you have more income available.
It works the other way, too. For example, if you have bad credit you’ll be seen as a ‘greater risk.’, which will negatively affect your remortgaging abilities. If the property is a Buy-to-Let, lenders will also consider the monthly rent you receive as this is classed as income.
So, what’s the second factor? The second factor that will contribute is the amount of equity you have in your home. Equity is the money that has been built up in the property by you paying your mortgage.
Having more equity in your home will increase your chances of being able to remortgage more. However, if your affordability is not in check then you may be limiting yourself on what you could borrow.
Speaking to an expert broker can help you access the best deals on the market. Get in touch today and we will pair you with one of our expert advisors. They can help you from start to finish, ensuring you are provided with the most competitive deals.
Should I remortgage my house?
When deciding whether to remortgage or not, there are many factors consider.
The first factor you will need to determine is how much you want to borrow. If you are just remortgaging to get a better deal, then you won’t need to consider this. However, many people remortgage to release equity within their property. So, make sure what you want to borrow is a realistic figure that you can afford to pay back.
Next, you will need to think about what you want from your new mortgage term. Will it run the same length as your current mortgage, or will it be shorter? What will the term be? Will you have an introductory period? What is the product type – fixed rate, tracker rate or ? If you’re unsure about your situation, get in touch and we can organise a free no-obligation consultation.
Remember to focus on more than just the interest rate on your new mortgage deal. While it’s important, there are many other factors to think about. Remortgaging can often incur high arrangement fees.
Furthermore, if you leave your correct mortgage early then you may be inclined to pay an early repayment charge or fee. This fee would have been arranged when you obtained your mortgage and will likely be outlined in your mortgage contract.
At the end of the day, going ahead or not is entirely up to you, but speaking to an advisor or broker can help make this decision a little easier. They will have plenty of experience and can give you an expert opinion on your plans. They make sure you do the right thing based on your situation.
Helpful Quick Links
Calculators
These calculators are great for getting a quick guide, but if you want a completely accurate assessment then you should talk to one of our professional advisors.
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Phil Scott
Director
About the author
Phil has worked in the financial services industry since 1992, having started with a large insurance company. He went self employed in 1996 as an Independent Financial Adviser before setting up his first company, Needham Market Home Financial in 1999.
After four years, he decided to concentrate solely on mortgages and related insurances, and The Mortgage Centres was born. Since then, Phil has been influential in the opening of several new offices as the business continues to grow.
Qualifications
Financial Planning Certificate: 1, 2 & 3 | Year Attained: 1992
Certificate in Mortgage Advice and Practice (CEMAP) | Year Attained: 2001
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