Remortgage Calculators

Remortgage calculations can be tricky, especially if you’re planning to release equity when you refinance. Luckily, there’s a quick and easy way to work out what your new repayments and loan-to-value (LTV) ratio will look like – use our remortgage calculator below for swift results.

Why use this remortgage calculator?

Our remortgage calculator is aimed at anyone who wants quick answers about what their new repayments and LTV will be after they have refinanced. If you need to release equity from your home when you remortgage, this can be incorporated into the calculations.

Simply enter your property value, remaining mortgage balance, term length and interest rate to get some fast results. There’s also an input field for the amount of equity you’re releasing and this will be factored into results. Leave this box blank if you aren’t releasing any capital.

The main benefits of this remortgage calculator are as follows…

• It’s quick and easy to use, and no personal details need to be entered.
• This tool has been specially designed for remortgage customers, with a dedicated option for those who want to know how releasing equity will affect their mortgage.
• Running these calculations can give you a rough idea of how your mortgage will change depending on which remortgage deal you choose.
• You can use it to compare different interest rates as well as equity release amounts.

While this calculator is a great starting point for anyone looking for a rough idea of their remortgage prospects, keep in mind that online mortgage calculators are not bespoke to you and the deals you qualify for can vary dramatically based on a whole range of factors.

This is why it’s advisable to speak to a broker who specialises in remortgages after you’ve run some initial calculations. They can provide you with bespoke results and carry out a comparison of the entire mortgage market to increase your chances of landing the best deal.

How much you could borrow

Our remortgage calculator will provide a full picture of how much extra borrowing you could qualify for when you enter your property value and remaining mortgage balance. This will appear in red text beneath the input field for equity release.

One thing to consider here is that the maximum cap for your extra borrowing might vary from one lender to the next depending on what loan to value limits they use. It can also be determined by the reason you’re borrowing extra, with some purposes such as debt consolidation having a lower LTV cap among some remortgage providers.

Calculating how much equity you could release

When working out the maximum amount of equity you can release when you remortgage, bear in mind that some mortgage providers place LTV caps and borrowing limits based on the reason you’re releasing equity. Some restrictions you might encounter include…

• A maximum LTV of 75-85% for general purposes, like funding a second home purchase.
• An LTV cap of 90% for renovating a property or funding home improvements.
• An LTV cap of 60-85% for debt consolidation.
• Maximum borrowing of £250,000 if you are using the funds to buy or renovate a property.

Will the calculations be any different for a buy-to-let remortgage?

The calculations will generally be the same if you are remortgaging a buy-to-let property and want to know what your new LTV and mortgage repayments will look like.

There are, however, specific maximum LTVs for buy-to-let lending which you may want to know about if you are planning on borrowing extra. Most lenders in this corner of the market won’t go higher than 75-80% on loan to value, which means you’ll need 20-25% equity remaining in your home.

Why use Online Money Advisor?

After you’ve run some initial calculations, it’s advisable to speak to a broker who specialises in remortgages as your next step. They can provide you with bespoke figures and personalised advice so you know what the best course of action is based on your calculations.

We offer a free broker-matching service that you can use to ensure you find the right remortgage advisor. We will pair you with someone who has the right knowledge, experience and track record to boost your chances of landing the best remortgage deal possible.

Call 0808 189 0463 or make an enquiry and we’ll set up a free, no-obligation chat between you and your hand-picked remortgage specialist today.