Current loan and new offer
£
%
months
%
months
£
£
Enter the remaining balance, your current rate and term, then the new offer and the refinancing costs.
↻Monthly saving
175£/month
Current payment1,551 £
New payment1,376 £
Total switching cost3,000 £
Costs break-even17.2 months
Total saving38,958 £
A remortgage is a new mortgage (new affordability, valuation, legals). Net the ERC on the old deal plus the new product fee against the saving. A product transfer with your current lender avoids legals and affordability checks.
Monthly saving = 175 £/month