Before you decide to remortgage your property, you need to be sure that the deal you end up with is going to give you the result you’re looking for. Using a remortgage calculator may help you achieve just that.

You marReduce your monthly mortgage repayments to give yourself some extra cash each month;

* free up some of your equity to allow you to carry out some debt consolidations, again reducing monthly expenditure;
* release some equity so that you can carry out a project or plan like home improvements, an extension or just a once in a lifetime holiday.

For whatever the reason, you need to be sure that the end result of the remortgage process, of paying off your old mortgage and taking out a new one, actually achieves what you set out to do.

Remortgaging you property is not particularly complicated but there are a number of options and products available, so using an online remortgage calculator may be the first step to giving yourself the information you may need to make a decision about which product may be the most appropriate for you.

Doing the sums

Using an online remortgage broker may be an easy way to get the basic facts and figures to start the remortgage quote process off.

To do this you need to have an idea about:

* the current value of your property – at this stage using an estimated figure is perfectly ok;
* what size of mortgage you are looking for;
* the reasons why you want to remortgage.

This information may be used to find the most appropriate deals on the mortgage market place and may provide you with details of:

* the interest rate for the introductory period of the mortgage;
* the rate you’ll typically switch to after the introductory period;
* the length of the introductory period;
* any fees which may be charged.

You may then key the interest rates applied into the remortgage calculator to get an idea of what your monthly repayments may typically be.

At this point, you may wish to bear in mind that these figures are purely estimates.

If you go ahead with the application, your chosen lender may typically provide you with accurate figures based on:

* personal details of your salary etc;
* the actual product you opt for;
* your reasons for remortgaging;
* the actual value of your house – an up to date valuation may be required;
* the size of the loan you are looking for against this valuation;
* your credit history.

A remortgage calculator may provide you with the information you may need to help you decide about whether or not to remortgage your property. Your overall calculations may typically need to take into account any fees charged by your new lender and you may also wish to bear in mind that paying off your current mortgage early may involve you in early redemption charges.