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Your affordability

Remortgage Calculator

Looking to remortgage? Use our Remortgage Calculator to see what your monthly repayments could look like, and how much you could save by switching to a new deal. This calculator is only an estimate of how much you may be able to borrow, create a Tembo plan to get a free personalised recommendation, and then seek mortgage advice.

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Discover how much you can really borrow.

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This calculator is only an estimate of how much you may be able to borrow. Create a Tembo plan and seek mortgage advice to get a more personalised figure.

Have a property in mind?

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Add a Booster (Guarantor) to increase your borrowing.

A Booster (similar to a Guarantor) is a friend or family member who is willing to support your mortgage application, either using their income, savings or property.

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Do I need a deposit for a remortgage?

No, you do not need a deposit for a remortgage. Remortgaging is similar to taking out a mortgage, but instead of putting down a deposit you’ll use the equity you hold in the home. If you have additional cash savings, you can also add this in, or use it later down the line to make overpayments.

Is a remortgage based on income?

When you remortgage, a mortgage lender will work out your affordability in a similar way to how they work out what home buyers can borrow for a mortgage. They’ll look at your remaining mortgage balance, the equity you hold in your home and your household income. Your income will typically be multiplied by 4 to 4.5 times to work out how much the lender will allow you to borrow. This needs to be enough to cover your remaining mortgage balance.

What happens if you don't earn enough to remortgage?

If you don’t earn enough to remortgage, there are ways to boost your affordability to make up the shortfall like a family member coming onto your mortgage as a guarantor through an Income Boost. It’s best to speak to a mortgage affordability specialist like Tembo to talk through what options are available to you.

Can you get refused a remortgage?

Yes, it is possible to be refused a remortgage if you do not meet the lender’s affordability criteria. If this happens, don’t worry, there are ways to boost your affordability to help you remortgage. This can include adding on a family member to your mortgage as a guarantor, or switching mortgage lenders to a new deal. Speak to a mortgage expert to understand what options are open to you.

Can you remortgage early?

Yes, you can remortgage early. In fact, you can remortgage whenever you want. However, if you leave your current mortgage deal early you may have to pay an Early Repayment Charge (ERC) and other fees. This can sometimes make it more expensive to remortgage early than waiting until your current deal ends. But if you’re remortgaging to a lower mortgage rate, sometimes leaving early works out cheaper. A mortgage broker can help you work out whether it’s worth remortgaging early, and what remortgage deals you qualify for.

Should I remortgage now?

High mortgage interest rates may have you worried about remortgaging right now, especially if you started your mortgage on a lower rate. Whether it’s the right time for you to remortgage depends on why you are wanting to remortgage, how long you have left on your current deal and what remortgage deals you could be offered. It’s best to get expert advice from a trusted mortgage broker on what the right course of action is for you.

Need help remortgaging?

Whether you’re struggling to remortgage or are unsure whether the time is right or want to release equity from your home, we can help. We are an award-winning mortgage broker that has helped thousands discover how they could boost their affordability. Get started by creating a free Tembo plan for a personalised remortgage recommendation.

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Worried about remortgaging? Read our remortgage guides below, or create a Tembo plan to book in a free chat with one of our experts.