Chapter 3 of 10 · Rates, lenders and switching · Mortgage switching calculator

Mortgage switching calculator

Is switching my mortgage worth it?

Checked 21 Oct 2026the Consumer Protection Code 2025 (in force 24 March 2026).

Switching means moving your mortgage to another lender for a lower rate. Enter what you owe, your rate now and the new deal, and the tool works out what you save over the new fixed period once the solicitor, the valuation and any breakage fee are paid. It shows the figure with and without cashback.

Your mortgage now

What do you owe, and at what rate?

What you oweThe balance left on the mortgage. Your last statement or your lender's app shows it.Years leftHow many years are left on the mortgage.Your rate now (%)The interest rate you pay today.It is a tracker rateA tracker follows the European Central Bank rate. Once you give one up, you cannot get it back.

The new deal

What is the other lender offering?

The new rate (%)The rate on the deal you are looking at.New fixed period (years)How long the new rate is fixed for. Put 0 for a variable rate, and the tool compares five years.Cashback (%)Some lenders pay a share of the loan back to you in cash. Put 0 if none.Money towards your legal feesSome lenders pay a fixed sum towards your solicitor. Put 0 if none.Breakage feeA charge for leaving a fixed rate early. Your lender gives the figure in writing. Put 0 on a variable rate.Solicitor's feeA solicitor moves the mortgage to the new lender. The usual range is in our costs table; a quote is better.Valuation feeThe new lender sends a valuer to check what the home is worth.

The tool compares two rates over one period using the standard repayment formula. It does not say whether a lender will take you on, what rate you will be offered, or what happens to rates after the fixed period ends.

What do you owe, and at what rate?

What is the other lender offering?

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