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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Switching mortgage deals saves money only when the interest and payment savings over the period you expect to keep the new deal exceed every switching cost. Compare your current deal, a product transfer from the same lender and any remortgage on the same mortgage balance, repayment type and time horizon. Include the early repayment charge (ERC), arrangement and administration fees, legal and valuation costs, and interest on any fee added to the loan. A lower headline rate alone is not proof of a saving.
This guide is for UK homeowners. Mortgage rates, fees and lender criteria change, so use your own written illustrations and exact redemption figure rather than relying on a calculator example.
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What “saving money” means when you switch
A mortgage switch can reduce your monthly payment, your interest over a chosen period, or the total amount you pay before the mortgage is cleared. Those are different outcomes. A deal with a lower payment may have a longer term, a fee added to the balance or a large final cost. Decide which period matters before comparing offers.
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For a practical decision, calculate the cost of each option from the date you would switch to the same end date. That end date might be the end of a two-year fix, the point when you expect to move home, or the date you plan to review the mortgage again. Do not compare one option over two years with another over its entire term.
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The basic test is:
Estimated net saving = cost of staying during the comparison period − (cost of the new deal during that period + switching charges)
“Cost” should include interest and any capital repaid if you are comparing the balance remaining at the end as well as cash paid. At minimum, show monthly payments and total cash cost separately, because a payment can be lower while the outstanding balance is higher.
Collect the figures before you calculate
Ask your current lender for a redemption statement or written illustration. Record these figures for the exact date you would leave:
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- Outstanding balance, including whether it is a repayment or interest-only mortgage.
- Remaining term and the scheduled repayment method.
- Current interest rate and whether it is fixed, discounted variable or a tracker.
- Date the current deal ends and the date any ERC expires or reduces.
- The exact ERC on the proposed redemption date, not a rounded percentage.
- Exit, administration or deeds-release fees.
- Any overpayment allowance or other conditions that could affect the balance.
Then obtain a written illustration for each proposed deal. It should state the rate, initial period, mortgage amount, term, repayment assumptions, product or arrangement fee, booking or account fee, cashback and lender-paid costs. Ask specifically whether legal work, valuation, administration or transfer costs are included. A “free remortgage” can still have costs that are not covered.
Use the same borrowing amount in each illustration where possible. If a fee is added to the mortgage, note the new starting balance and the rate charged on that fee. If cashback is paid later, record when it arrives and whether conditions apply; do not treat it as an immediate reduction in the balance.
Choose a like-for-like comparison period
Set a start date and end date for every option. Common choices are:
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- From the proposed switch date to the end of the new fixed or discounted period.
- From today to the date you expect to move home.
- From the current deal’s end date to the next date on which you expect to review or refinance.
If you would pay an ERC to leave before the current deal ends, include it on the date of switching. If you wait until the deal ends, compare the cost of remaining on the current rate until then with the cost of any product-transfer or remortgage offer available at that date. Do not assume today’s offer will still be available.
Future variable rates are uncertain. For a tracker or discounted variable deal, calculate the known initial payment and test a range of possible rates rather than assuming the current rate continues indefinitely. A fixed-rate illustration gives a defined payment only for its fixed period; after that, use a separate assumption and label it clearly.
Calculate payments and interest for each option
Repayment mortgage
On a capital-and-interest mortgage, each payment covers interest and reduces the balance. A proper amortisation calculation gives the payment, total interest and balance remaining at the comparison date. Use the lender’s illustration or a reputable repayment calculator, then verify the result against the stated term and rate.
Interest-only mortgage
On interest-only borrowing, the regular payment may cover only interest, leaving the capital due at the end. Compare the interest paid and the unchanged (or separately repaid) capital. A lower monthly payment is not automatically a saving if it reflects no capital repayment or a different repayment plan.
Keep the term consistent
Do not reset a 17-year remaining term to a new 25-year term simply to make the payment look smaller. If you intentionally change the term, show the effect on total interest and the balance at the comparison date. A longer term can increase lifetime interest even when the initial rate is lower.
Add every one-off cost and credit
List each cost once, with its payment method and timing:
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| Item | How to treat it |
|---|---|
| Early repayment charge | Add the lender’s exact date-dependent amount if you leave before the current deal permits. |
| Arrangement or product fee | Include whether paid upfront or added to the mortgage. If added, calculate interest on it. |
| Booking or account fee | Add to the switching cost unless the illustration states it is waived. |
| Legal and valuation costs | Include amounts you must pay; deduct only lender-paid costs that are actually confirmed. |
| Administration or exit fee | Use the current lender’s stated charge. |
| Cashback | Subtract only the amount and payment timing guaranteed by the written offer. |
MoneyHelper’s fee guidance notes that paying a fee upfront is generally preferable where affordable because adding it to the mortgage means paying interest on it over the loan’s life. The precise effect depends on the mortgage terms, rate and remaining term. If you add a £2,000 fee, treat the mortgage as £2,000 larger from the start; it is not free.
Use a worksheet that exposes the real difference
Create one row for staying on the current deal, one for a product transfer and one for each external remortgage. Use these columns:
- Starting balance and repayment type.
- Initial rate and period for which it is guaranteed.
- Monthly payment and number of payments in the comparison period.
- Interest paid and capital repaid.
- Balance at the end date.
- ERC, product, booking, legal, valuation and administration charges.
- Fees paid upfront, fees added to the loan and any lender-paid costs or cashback.
- Total cash paid during the period and total cost after allowing for the ending balance.
For a simple cash comparison, add the payments and upfront charges, then subtract guaranteed cashback. For a balance-aware comparison, also compare the ending mortgage balance: an option that leaves you owing more should not be called cheaper merely because its cash payments were lower.
Keep fees out of the payment calculation when they are paid upfront, and include them in the starting balance when they are added to the mortgage. This prevents double-counting. Label estimates separately from figures confirmed by the lender.
Worked example: why the lowest rate may lose
MoneyHelper publishes an illustrative comparison based on a £200,000 repayment mortgage over 20 years. It assumes interest is charged monthly and that each rate remains unchanged for the whole term. The figures are illustrative, not a forecast of available deals.
| Rate and fee | Monthly payment | Total interest | Total mortgage cost |
|---|---|---|---|
| 5% with no arrangement fee added | £1,320 | £116,876 | £316,876 |
| 4.5% with no arrangement fee added | £1,256 | £103,572 | £303,572 |
| 4.4% with a £2,000 arrangement fee added to the mortgage | £1,267 | £102,102 | £304,102 |
In this example, the 4.4% deal has the lowest headline rate and slightly less interest, but the fee makes its total cost £530 higher than the no-fee 4.5% option. The 4.5% option also has the lower monthly payment. Your result can differ because balance, term, fee size and the length of time you keep the deal all change the break-even point.
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Is paying an ERC worth it?
Calculate the saving both ways: with the ERC and without it. The switch is financially worthwhile only if the interest and other cost reduction during your chosen period exceeds the ERC and all new charges, while leaving you with a comparable balance.
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Break-even months = total switching costs ÷ monthly saving
This shortcut is only valid when the monthly saving is stable and you are comparing the same repayment structure. A more accurate calculation uses the actual interest and capital schedule, because the balance falls over time and fixed-rate payments may change after the initial period. If the break-even date is after you expect to move or refinance, paying the ERC is unlikely to deliver the advertised saving.
Ask the lender for the ERC on several possible completion dates if the charge steps down monthly or annually. Also check whether an allowed annual overpayment or a penalty-free transfer near the deal end could reduce the amount you need to redeem.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Product transfer or remortgage?
Product transfer with your current lender
A product transfer changes the rate or product with the lender that already holds your mortgage. It may avoid a full affordability assessment and can have fewer legal or valuation steps, but it is not automatically the cheapest option. Obtain the lender’s written transfer illustration and compare its rate, fee, flexibility and future ERCs with external offers.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallRemortgage to another lender
An external remortgage can offer a lower rate or different features, but the new lender must assess affordability and eligibility. Changes in income, employment, credit commitments, property value or lending criteria since your original mortgage can affect acceptance. Include the risk and timing of an application, not just the advertised rate.
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Compare both routes on the same axes: monthly payment, total cost over the chosen period, ending balance, upfront versus added fees, ERC, lender-paid costs or cashback, term, repayment type and flexibility if you move or refinance.
APRC: useful context, not your personal answer
The Annual Percentage Rate of Charge (APRC) combines the mortgage’s interest rate, fees and other charges under an assumption that you keep the mortgage for its full term. It is useful for comparing offers on a common basis, especially when one deal has a large fee. However, the full-term assumption may not match someone planning to move, refinance after two years or repay early.
Use APRC as a cross-check, then calculate the cost to your actual decision date. A deal with a better APRC can still cost more over a short fixed period if its fee is high, and a deal with a lower initial rate can become expensive when its introductory period ends.
Situations that can change the answer
You have a small balance left
When only a small amount remains, the interest saving may be too small to recover an arrangement fee, legal cost or ERC. Run the calculation with the actual balance; do not apply a rate difference to the original loan amount.
You may move soon
A new fixed deal can impose an ERC if you repay it when moving. If a move is plausible, compare portability, the ERC schedule and low- or no-ERC alternatives. A slightly higher rate can be cheaper overall if it avoids a large exit charge.
Your circumstances have changed
A product transfer may be available even when an external lender would not accept your current income, credit profile or loan-to-value ratio. Do not cancel the existing deal until a replacement is formally approved and the completion costs are clear.
You are considering a longer term or different repayment type
Lower payments created by extending the term or moving to interest-only are not equivalent to a rate saving. Show the balance and total interest separately, and confirm that the repayment plan meets the lender’s requirements and your ability to repay capital.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsStep-by-step switching calculation
- Fix the decision date. Choose the date you would complete the switch and the date through which you will compare costs.
- Get current figures. Ask your lender for the balance, repayment type, remaining term, deal end date, exact ERC and all exit or administration fees.
- Collect offers. Obtain written illustrations for a product transfer and any remortgages, including rate, fees, cashback, lender-paid costs and repayment assumptions.
- Calculate each payment schedule. Use the actual balance and term. Record monthly payment, interest, capital repaid and ending balance for the same period.
- Add one-off costs. Include ERC, arrangement, booking, legal, valuation and administration charges. Add interest on any fee financed through the mortgage.
- Check credits. Deduct only confirmed cashback or lender-paid costs, at the point they are actually received or paid.
- Compare totals and flexibility. Review cash paid, ending balance, APRC, ERC schedule, portability and the likelihood that you will keep the deal for the assumed period.
- Verify before applying. Ask the lender or adviser to confirm the redemption figure, fees and completion date. Rates and criteria can change before an offer completes.
Common calculation mistakes and fixes
- Comparing headline rates only: add every fee and the ERC before deciding.
- Using different periods: set one start and end date for all options.
- Ignoring the current lender: request a product-transfer illustration as well as external quotes.
- Treating a financed fee as free: increase the loan balance and calculate interest on it.
- Assuming a variable rate stays fixed: model alternative rates after the guaranteed period.
- Counting cashback too early: include it only when the written offer confirms payment and conditions.
- Calling a lower payment a saving: compare the balance, term and repayment type as well as cash flow.
- Relying on a generic ERC estimate: use the lender’s date-specific redemption figure.
- Applying before checking affordability: confirm that the new lender’s criteria fit your current circumstances.
Final decision checklist
Before switching, you should be able to answer “yes” to all of these:
- Have I used the actual outstanding balance and repayment type?
- Have I compared staying, a product transfer and external remortgage offers over the same period?
- Have I included the exact ERC and every fee, with financed fees accruing interest?
- Have I recorded the ending balance as well as monthly payments?
- Have I tested what happens if a future variable rate changes?
- Does the break-even date occur before I expect to move or refinance?
- Have I checked term, flexibility, portability and future ERCs?
- Has the lender confirmed the figures in writing?
Use MoneyHelper’s mortgage repayment calculator for an initial payment estimate, then replace its assumptions with the rates, balances and charges in your lender’s illustrations. The financially better deal is the one that produces the lowest relevant total for your expected period without creating an unaffordable payment or an unwanted exit restriction.
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