What this tool does
This calculator shows whether switching your mortgage to a new deal could save you money. It compares your current rate against a new rate and works out the difference in your monthly and yearly payments, taking the cost of switching into account.
The figures are estimates to help you decide, not a formal mortgage quote.
When to use it
Use it when your fixed deal is ending, when you are thinking about changing mortgage provider, or when you simply want to know if a rate you have seen advertised would actually leave you better off once fees are included.
How it works
You enter your balance, the years left, your current rate, the new rate you are considering and whether you are still tied into a fixed term. It then compares the monthly payments and shows your saving, and flags any early repayment charge that could outweigh it. Nothing you enter is saved, and you do not need to give your name or email to use it. Always confirm the exact rate, fees and any early repayment charge with a broker or lender before you switch.
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