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What will my Remortgage cost?
There are certain fees to be paid during the course of your remortgage application and these form the cost of your mortgage. Not all fees are applicable in all cases, for example, you might get a remortgage deal where the legal fees do not have to be paid.
The fees that you usually need to pay are the lender’s arrangement fees, legal fees, valuation fees, Stamp Duty and Land Tax (SDLT) and early repayment charges (if applicable). At Ever North Mortgages Limited, we do NOT charge any broker fees, so this will not be added to your costs.
Our expert mortgage advisers will always find the best and cheapest remortgage deals for you.
Using a Remortgage Calculator
The simplest way to calculate your remortgage cost is by using our remortgage calculator, which will give you a pretty accurate idea about your remortgage costs in a matter of seconds.
Just enter the following information into the calculator to get your results:
Calculating mortgage payments
Calculating your mortgage cost has never been easier. All you have to do is enter the amount of money you are borrowing, the term in years you are borrowing for and the interest rate into the calculator. The mortgage calculator will do the math and tell you exactly how much it will cost you for your remortgage.
Here is an example: if you want to borrow £200,000 over a 25-year term at an interest mortgage rate of 1.84%, your monthly payments would be £832, provided the interest rates remain the same. The total amount you’ll pay over the term is £249,665, made up of the £200,000 capital you borrowed and £49,665 in interest.
If you reduced your term to 20 years, borrowing the same amount at the same interest rate, your monthly payments would go up to £997. The total amount you’ll repay would be £239,204, including £39,204 in interest.
Don’t forget that it is most likely you will NOT be paying the same interest rate throughout the entire mortgage term. Once your fixed rate with your lender ends, you will revert the lender’s standard variable rate and pay more in monthly instalments.
What Will Be My Mortgage Interest Rate?
Your mortgage interest rate will depend on the type of mortgage deal you are on with your particular lender. Most lenders will give you a deal with a lower interest rate for a fixed period of time. During that period, your interest rate will remain the same. However, once the fixed period ends, you will revert to the lender’s default standard interest rate, which is higher.
At Ever North Mortgages Limited, the remortgage calculator will calculate your mortgage costs assuming that your interest rates will stay the same over the whole period of your mortgage. When your mortgage rate changes, you can calculate the new costs by putting in the new interest rates.
You can see the effect of higher and lower interest rates on your monthly mortgage payments by using our interest rate calculator.
Other Mortgage Costs
Your remortgage costs will comprise of the fees and charges you will need to pay.
The fees that the lender will charge you may include a booking fee and an arrangement fee. The booking fee is a non-refundable fee which lets you reserve your mortgage with the lender. The arrangement fee is the fee the lender charges you to set up the mortgage on your behalf. This fee is charged when your mortgage completes, so if your application is declined, you will not need to pay this fee.
You will also need to pay for the valuation fees for your property.
The other fees you may need to pay are the legal fees for the conveyancing of your property that the solicitors will carry out. In some cases, the lenders may offer a free legals package, in which case you will not need to pay this fee.
You may need to pay an Early Repayment Charge/Exit Fee if you are remortgaging before your fixed mortgage interest period is over.
You may also need to pay Stamp Duty and Land Tax (SDLT) charges.