Option A
Current lender / product transfer
Enter the rate and costs of staying with the existing lender. If extra borrowing would be on a separate further-advance product, this simplified model treats the whole planned balance at the rate entered.
My home · Remortgage
Prepare for the next mortgage decision before the current deal ends.
Map the balance, property value, LTV, timing and what you actually want the next mortgage to achieve. Then compare staying with the current lender against remortgaging elsewhere on the same assumptions.
Stay or switch?
Compare the current lender with an external remortgage
Use actual illustrations when you have them. Until then, enter assumptions to understand how rate, fees and ERCs interact.
Option B
External remortgage
Enter the proposed rate and switching costs. The ERC from your current-position section is included here, so set it to zero if none would be payable on the comparison date.
Lower modelled finance cost over 2 yearsCurrent lender / product transfer
Difference£107
External switch break-evenAbout 27 months
Current lender / product transfer4.50%
- Required monthly payment
- £1,000
- Interest + net fees over 2 years
- £15,854
- Cash paid over 2 years
- £24,012
- Mortgage balance after 2 years
- £171,842
- Net upfront cost
- £0
External remortgage4.25%
- Required monthly payment
- £975
- Interest + net fees / ERC over 2 years
- £15,960
- Cash paid over 2 years
- £24,402
- Mortgage balance after 2 years
- £171,558
- Net upfront switching cost
- £999
A lower payment is useful cash-flow information, but it is not the same as lower overall cost.
The comparison shows the balance left after the same period so an option is not made to look cheaper simply because less of the mortgage has been repaid.
Break-even uses cumulative interest plus net upfront costs. It is an illustration, not a forecast of future rates.
A sensible review order
What to check before comparing deals
Confirm the current mortgage
Balance, deal-end date, remaining term, repayment type and any early repayment charge.
Recheck the property and LTV
A realistic property value and any extra borrowing can move you into a different LTV band.
Get both sides of the comparison
Ask the existing lender what can be retained or transferred, then compare that with an external remortgage on the same balance and term assumptions.
Compare the whole deal
Look beyond headline rate to fees, incentives, ERCs, monthly payment, remaining balance and finance cost over the relevant period.
Ready for a lender or adviser sense-check?
Your saved figures can stay private until you decide human help would add value.