Costs of remortgaging
There may be large fees involved when it comes to remortgaging, as it often requires contractual changes, so it’s important to consider whether it’s worthwhile to make the change.
Switching lenders could incur an early repayment charge, meaning you must pay your old lender for moving your mortgage, which you could be tied into for a set period. For example, a fixed rate mortgage will normally have an early repayment charge if you repay or change your mortgage during the initial fixed-rate period.
There are various admin charges to consider too, though not all lenders will charge these; including booking, valuation and conveyancing costs.
Make sure you know exactly what costs are involved before you make the decision to remortgage.