Savings Intelligence: am I overpaying on my mortgage?
Am I overpaying on my mortgage? Theo answers that by comparing your mortgage with live deals from 100+ UK lenders, matched to your loan to value band, property type and ownership, and shows what you could save, with the fees and any early repayment charge counted. For every property, every day.
Quick answer
You may be overpaying on your mortgage if your rate is higher than today’s best rate for your loan to value band, property type and ownership. Savings Intelligence checks that every day: what you pay now, what today’s best rate would cost, the fees and any early repayment charge, and how many months the saving takes to cover them.
A calculator gives you an answer for today. Theo gives you the answer every day.
Updated today
Am I overpaying on my mortgage? What Theo shows
- NowYour rate and monthly payment.
- TodayThe best rate for your band, and its payment.
- CostsFees and any early repayment charge.
- PaybackMonths for the saving to cover them.
Am I overpaying? Checked daily
Savings Intelligence prices your mortgage against today’s rates every night, for every property, and shows the plain monthly difference with the costs of switching listed separately.
The six month rule
A mortgage offer lasts about six months. If your fix ends within that, you can apply now and complete the day it ends, paying no early repayment charge. Theo allows for this automatically.
Want to be told?
Set up rate alerts.
Am I overpaying on my mortgage? An example
| Amount | |
|---|---|
| You pay now | £1,412 a month |
| Today’s best rate for your band | £1,321 a month |
| Monthly difference | £91 lower |
| Lender fee | £999 |
| Early repayment charge | Not payable, fix ends in 5 months |
| Fees covered after | 11 months |
Is now a good time to check?
A lower rate is only a saving if the fees are recovered in time. Here is the market you would be switching into.
Updated . Standard variable rates · Early repayment charges
Am I overpaying on my mortgage?
You are likely overpaying if your rate is higher than the best available for your loan to value band, property type and ownership. Most people find out months after a better deal appeared, because nobody checks for them. Savings Intelligence checks every property you own, every day, so you know where you stand.
How Savings Intelligence works
To answer am I overpaying on my mortgage, Theo reads your balance, rate, remaining term, fix end date, property type, ownership and band. Every night it matches your profile against 10,000+ live deals from 100+ UK lenders and works out the monthly payment at today’s best rate for your band. It shows the plain monthly difference, then lists the lender fee and any early repayment charge separately, with how many months the saving takes to cover them. If the costs outlast the deal paying for them, Theo says so plainly.
The early repayment charge, counted properly
An early repayment charge is what your lender charges for leaving a fixed deal early, and it can wipe out years of savings. Theo includes it only when you would actually pay it. If your fix ends within about six months, you can usually apply now and complete the day it ends, so Theo marks the charge as not payable. See early repayment charges explained.
Compare the whole market for your band
If the answer to am I overpaying on my mortgage is yes, the next question is who with. With Premium, you can step through every live deal for your band, sorted by lowest rate, lowest fee or lowest total cost over the deal, with the lender, rate, monthly payment and fee for each. Sorting by total cost often reorders the list: a headline low rate with a big fee can drop well down. Premium also shows the lender behind today’s best rate, how much it would take to reach your next loan to value band, and, with two or more properties, the detail of any equity move.
Deal Watch, for a home you are buying
Add a property you plan to buy, and Theo works out your loan to value band from your deposit and the price, then tracks the best rates for that band with the lender fees shown, so the figure you see reflects today’s market. See buying a home, step by step. Savings Intelligence is information, not advice: speak to an FCA-authorised adviser before acting.
Common questions
Am I overpaying on my mortgage?
What is Theo’s Savings Intelligence feature?
How does Theo calculate my mortgage savings?
What is “net saving after ERC” and why does it matter?
Does Theo compare my mortgage against the whole market?
Can Theo monitor more than one property?
What is Deal Watch for people buying a property?
Is Savings Intelligence financial advice?
Do I need to pay to use Savings Intelligence?
How accurate is Theo’s savings calculation?
Keep exploring
Mortgage rate alertsAll 14 alerts Theo can send.
Rate movementHow rates in your band have moved.
Early repayment chargesWhat leaving early costs, with a calculator.
What happens when your fixed rate ends?Your options, the timeline and the cost of waiting.
Product transfer or remortgage?Stay or move, compared on the true cost.
Best mortgage tracking appsEvery UK option, honestly compared.
Theo App Ltd is not authorised by the Financial Conduct Authority and does not give mortgage advice. This page is information only and is not a recommendation. Figures are estimates, not quotes. Theo is free to download, with free core features. Theo Premium is £9.99 a month, with a 7 day free trial. Not advice. Speak to an FCA-authorised mortgage adviser about your own circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.