Remortgage Repayments

Whenever you consider any lending, particularly the substantial amounts required for a mortgage secured against your home, you should make sure you check thoroughly what the payments will be like before committing to anything.

There are a lot of different deals available, so you should shop around and see what's on offer, making sure you've worked out as far as possible what the monthly payments will be like. There are a host of online tools to help you to do this.

Remortgage comparison calculator tools  will take the details of your current mortgage, together with details of any further borrowing you're looking to secure for example, and give you an idea what the payments are likely to be like for the different types of remortgage that are available.

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When shopping around for remortgages, consider what your main reasons are for seeking the remortgage. Many people look for a remortgage to reduce their payments, to shorten the overall term of the mortgage or to get funds for a variety of purposes such as home improvements or debt consolidation. Bear in mind what your reasons are for remortgaging when shopping around, so that you're focused on this when looking at the available options.

The new monthly payments for your mortgage will depend both on the type of remortgage that you've secured, and on the interest rates that you're being charged.


Fixed rate remortgages charge interest at a fixed rate, normally for a set period of time. For these you can therefore get a good idea in advance what your monthly payments will be, at least during the initial term when the fixed rate applies. However, bear in mind that the payments will necessarily change when the fixed rate period ends, and ensure you've taken this into account.


Tracker rate remortgages incur interest rates that are tied to the Bank of England base rate, normally charging interest at a set percentage amount above this. The base rate changes often and is decided by the government, so with a tracker rate you experience both the advantages and disadvantages of this as the rate may rise or fall.


Variable rate remortgages vary according to the lender's standard variable rate, which changes and is generally affected by the base rate although it is not guaranteed that it will go up and down in accordance with it.

In General

There are many other types of remortgage available, and in order to get an idea whether it's going to be worth your while remortgaging your home, you really do need to make sure you've understood how any deal you're considering will affect you in the long and short term.

When comparing remortgage deals with each other and with your current mortgage, check not only the difference to your monthly payments, but also to the amount that you'll end up paying back in total, as well as how long it's likely to take.