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What your number is actually telling you

Your calculator result is a starting point. This page walks through what the number depends on, what your lender might do next, and where the parts that are guesswork rather than arithmetic actually sit. If your property's value has moved since you last fixed, the LTV and equity position calculator can show whether you've slipped into a better loan-to-value band, which often opens up sharper rates. Fees matter too, since a lower rate with a high arrangement fee can work out more expensive than a slightly higher rate with none, and the fee analyser can show how that balances out for your figures.

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What your number actually tells you

The figure you got is your estimated monthly repayment, built from three things you entered: your outstanding balance (what you still owe on the mortgage), your remaining term (how many years are left to pay it off), and the rate you tested. Change any one of those and the number moves with it. That is what the calculator is for: showing how sensitive your payment is to the rate, not predicting the rate itself.

Why a lender's real offer could be different

The rate a lender actually offers you depends on your Loan to Value (LTV), which is your mortgage balance shown as a percentage of your home's current value. A lower LTV, meaning more equity in the property, usually gets access to better rates. Your calculator result used a rate you chose or a placeholder one, so it will not match any specific lender's current offer. Nobody outside a lender can tell you your exact rate until you apply.

If it has been a while since you last fixed, your LTV band may have shifted without you noticing, house prices move and your balance has been going down each month. The LTV & Equity Position Calculator takes your estimated property value and outstanding balance and tells you which band you fall into (60%, 75%, 85% or 90%) and why that band matters for the rates on offer. Some homeowners find they have crossed into a better tier since their last deal without realising it.

A lower rate is not always the cheaper deal once you factor in what the lender charges to set it up. Arrangement fees, valuation fees and other charges can be added to the loan or paid upfront, and a deal with a slightly higher rate but lower fees sometimes costs less over the term than the one with the headline rate. The Fee analyser lets you weigh a deal's fees against its rate to see which combination actually works out cheaper for your balance and term.

What happens if your fixed rate simply ends

If you do nothing when your fixed-rate deal ends, your lender moves you automatically onto their Standard Variable Rate (SVR). This is usually higher than a fixed rate and can change at any time, at the lender's discretion, which is why most people compare it against a new deal before their fix runs out. If you want to see how a jump to a variable rate would sit against what you pay now, the Variable Rate Stress Test is built for exactly that comparison.

If you're moving before your fix ends

Switching mortgage deals before your current fixed rate expires can trigger an Early Repayment Charge (ERC), a fee your lender applies for leaving the deal early. The amount depends entirely on your lender and how far you are into the fixed period, so it is not something this page can tell you. Check your mortgage offer document, where it will be set out in full, or call your lender directly. The Early Repayment Charge Estimator can give you a rough figure to work with while you do that.

None of this is financial advice, and the calculator cannot see your lender's actual rates or your personal circumstances. What it gives you is a number worth taking into a conversation. The Six-Month Remortgage Checklist sets out what to do with it and when.

How the calculator works

How this number is worked out

Your result is built from four figures: your outstanding balance, your remaining term, your current rate, and the rate you're comparing it against. Here's what the calculator does with those numbers, and what happens once your fixed rate actually ends.

  1. What you put in

    You entered your outstanding balance (what you still owe on the mortgage), your remaining term (how many years are left on the loan), and a rate to compare against, either a new deal you've seen or your lender's Standard Variable Rate. That's the rate you move onto automatically once your fix ends. It's usually higher than a fixed deal, and it can change at any time.

  2. How the calculator turns that into a number

    It takes your outstanding balance and remaining term and works out what the monthly repayment would be at the new rate, the same way any mortgage repayment is worked out: interest charged on what you still owe, repaid over the years left on the loan. It then sets that figure against your current repayment so you can see the difference.

  3. What the result actually shows

    The number you saw is the gap between what you're paying now and what you'd pay at the rate you compared it against. It's an estimate built from the figures you supplied, not a quote from any lender, and it won't match a real offer exactly because it doesn't account for arrangement fees, valuation costs, or a lender's own criteria. A lower headline rate isn't always the cheaper deal once those fees are added in, so it's worth checking that separately, and the Fee analyser can help you see how the fees on a deal stack up against the rate itself. One of the biggest of those criteria is your loan to value (LTV), the size of your mortgage as a percentage of your property's value, and it's worth checking where you stand before you go further. Many homeowners have moved into a better LTV band since they last fixed, simply because their balance has fallen or their property's value has risen, and that shift can open up lower rates they don't know are available. The LTV & Equity Position Calculator will show you which band you're in and why it matters for the rates on offer.

  4. What happens once your fix ends

    What happens next depends on whether you've arranged a new deal before your current one runs out.

    If you do nothing

    Your lender moves you onto its Standard Variable Rate, the rate it charges by default. It's usually higher than your fixed rate and can rise or fall at any time, which is why many people remortgage before it takes effect.

    If you arrange a new deal in time

    You either remortgage, moving your loan to a new lender, or agree a product transfer, staying with your current lender on new terms. Either way, the new rate applies from the day your old fix ends, not before.

  5. What the number leaves out

    It doesn't include arrangement fees, valuation costs, or an early repayment charge, the fee some lenders apply if you leave a deal before it ends. That charge depends entirely on your lender and where you are in your fixed term, so check your mortgage offer document or use the Early Repayment Charge Estimator to get a sense of what it might involve.

    You have your number. A broker can tell you what deals are actually available to you and take the application from there.

This calculator uses the figures you enter. It is not a quote and does not reflect any lender's actual rates, fees, or terms.

Common questions about your number

Is this figure a quote from a lender?

No. This calculator works from the numbers you entered, your outstanding balance (what you still owe), your remaining term and a rate you choose, and turns those into a possible monthly repayment. It is not a quote and does not reflect any lender's actual rates, because those change daily and depend on your circumstances. Treat the number as a starting point for a conversation.

Why might my real repayment come out different from this number?

Your result depends on the rate you used, and lenders set their actual rates using things this calculator does not ask for: your income, your credit history and your loan to value (LTV), which is the share of your home's value you're borrowing against. A lower LTV usually gets you a better rate, so if your home has changed in value since you last borrowed, your real repayment could land higher or lower than this estimate. Try the LTV & Equity Position Calculator to see which LTV band you fall into now, since many homeowners have moved into a better band without realising it.

What happens if I do nothing before my fixed rate ends?

When your fixed-rate deal ends, your lender moves you onto their Standard Variable Rate (SVR) automatically. This is usually higher than your current rate and can change at any time, so your payment could rise without much warning. Most lenders let you apply for a new deal several months ahead of that date, so doing nothing is a choice with a cost.

Will I pay an early repayment charge if I remortgage before my fix ends?

Possibly. An early repayment charge (ERC) is a fee some lenders apply if you leave your current deal early, and the amount depends entirely on your lender and how far into the fixed period you are. Check your mortgage offer document, it will be listed there, or call your lender directly. The Early Repayment Charge Estimator can give you a rough sense of the size before you decide when to move.

What's the difference between remortgaging and a product transfer?

A remortgage moves your mortgage to a new lender, which usually means a fresh application and a valuation, and it often brings its own set of fees, an arrangement fee, a valuation fee, sometimes a legal fee. A product transfer keeps you with your current lender but switches you to a new rate, which is often quicker, needs less paperwork and can work out cheaper on fees. Use the Fee analyser to see how the fees on each route stack up for your situation before you decide. Your number from this calculator works as a rough guide either way, since the underlying maths of balance, term and rate is the same.

Do I need an Agreement in Principle before I get my number?

No. An Agreement in Principle (AIP) is a lender's early indication of how much they might lend you, and you won't need one until you're ready to apply for a specific deal. This calculator only needs your outstanding balance, remaining term and a rate to assume, so you can use it long before you speak to anyone.

Can this calculator tell me which deal to choose?

No. It shows what your payment might look like under a rate you set, but it does not compare live deals or know what any lender would actually offer you. This calculator cannot give financial advice, and it is not authorised to. A broker can tell you what deals are actually available to you and handle the application from there.

What should I do with this number now?

Use it as the starting point for the Six-Month Checklist, which sets out what to do and when in the run-up to your fix ending. Once you're ready to look at what comes after the checklist, What to Do Next sets out the options from there.

Switching before your fixed rate ends can carry a charge of its own

If you move to a new deal before your current one finishes, your lender may charge you an early repayment charge (ERC), a fee set out in your mortgage offer document. The estimator gives you a figure based on what you enter; your lender's terms are the ones that actually apply. It's also worth checking your loan to value (LTV), the share of your property's value you still owe against, since many homeowners have moved into a better LTV band since they last fixed without noticing. The LTV & Equity Position Calculator can show you where you now stand. Arrangement fees and other charges can add to the cost of switching as well, so it's worth using the fee analyser to see how these apply to your situation before you weigh up whether switching makes sense.

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