Interactive Calculators: Remortgage Costs
It is only worthwhile switching from an existing scheme to a new one if the switch costs are low enough. This means that the new scheme must produce enough savings over the expected life of the new mortgage to cover the switching costs. This calculator measures the NPV (Net Present Value) of any improved cash flows resulting from the switch. A switch is only worthwhile if the actual total switch costs work out less than the NPV figure calculated. A negative figure implies that a switch is only worthwhile if there is a cashback of at least that figure paid out from the new scheme.