Fixed rate remortgage payments calculator
What will be my monthly payments on a fixed rate remortgage?
The Fixed Rate Remortgage Payments Calculator is a great tool for helping you to decide on the mortgage term that is right for your circumstances. Firstly enter the total value of the loan that you need, and then enter the interest rate that you have been offered by the mortgage provider. The next step is to enter the mortgage length, and your monthly remortgage repayment will be calculated. When you have come to the end of your existing mortgage deal, there are big decisions to be made about the next steps for clearing your mortgage loan balance. Some people prefer to fix their remortgage to guard against potential interest rate rises, whilst others choose a higher-risk strategy of opting for a tracker remortgage that tracks the Bank of England base rate.
Of course with this latter option you could save significant amounts if rates remain low, but if they rise sharply, you might struggle to meet the increased repayments. Using the Fixed Rate Remortgage Payments Calculator you can compare the monthly financial commitments you would be signing up to with each option. Make sure that you use the APR (annual percentage rate of change) as the basis for comparison between mortgage types, as these rates take into consideration not only the interest rate itself but also the remortgage arrangement fee and any additional charges. That way you have more of a direct comparison between mortgage products. Once you have used the calculator to identify a mortgage length and interest rate that gives you a monthly repayment you can afford, speak to a mortgage broker to talk through your options and get some remortgage quotes to find the best available deal for you.