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Ultimate Mortgage Calculator

Rate rises, mortgages, remortgages, overpayments, fixes and more

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your fix?
Repay mortgage with savings? How much can I borrow?
What does this calculator do?
Works out if it may be worth ditching your current deal, if you spot a cheaper one, taking penalty fees into account. It assumes your current rate won't change. Plus read a full Ditch My Fix? guide.
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months

Calculations powered by London & Country

What is an Early Repayment Charge?

If you remortgage before the end of a special deal (eg. Fixed/Discount rate), then you will have to pay an Early Repayment Charge (ERC), previously known as a redemption penalty.

These can be either a percentage, such as 2% of the outstanding mortgage, or a fixed fee, eg. £1499. They can also be on a sliding scale, so the earlier you are in the deal, the more you will pay eg. On a 3 year deal the ERC may be 3% on the first year, 2% in the second and 1% in the third.

Adding ERC to new mortgage

When remortgaging, the new lender will often let you borrow the cost of the Early Repayment Charge, and add it to the outstanding balance of your mortgage.

While this is convenient, it will end up costing your more money, as you値l be borrowing over the same length as your mortgage, meaning you値l pay way more in interest.

For example, borrow a £2,000 ERC on a personal loan at 10%, over five years, and it値l cost £520. However, adding the same £2,000 to your mortgage at a lower 5%, but paying that off over 20 years will cost a much bigger £1,120.

Valuation and Legal fees

Sadly, bagging a new cheap mortgage deal often involves a glut of fees. Most common are the valuation fee, where a survey is carried out of your property, and legal fees for services like conveyancing.

While this is convenient, it will end up costing your more money, as you値l be borrowing over the same length as your mortgage, meaning you値l pay way more in interest.

It's safe to budget around £800, if you have to pay them yourself, and the calculator uses this value as an assumption. However, a lot of lenders will cover the cost of these as an enticement to take out their deal.

Assumptions

In order to create these results we have had to make a few assumptions. 1) Interest is charged monthly 2) Interest rate stays the same over the term 3) If you selected 'Interest only', we assume your standard monthly payment doesn't decrease even if you pay off some of the balance

IMPORTANT! Please read

This information is computer-generated and relies on certain assumptions. It has only been designed to give a useful general indication of costs.

It's important you always get a specific quote from the lender and double-check the price yourself before acting on the information. We cannot accept responsibility for any errors (please report faults above).

What the * means above

If a link has a * by it, that means it is an affiliated link and therefore it helps MoneySavingExpert stay free to use, as it is tracked to us. If you go through it, it can sometimes result in a payment to the site. It's worth noting this means the third party used may be named on any credit agreements.

You shouldn稚 notice any difference and the link will never negatively impact the product. Plus the editorial line (the things we write) is NEVER impacted by these links. We aim to look at all available products. If it isn't possible to get an affiliate link for the top deal, it is still included in exactly the same way, just with a non-paying link. For more details, read How This Site Is Financed.

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