Remortgage Cost

Continuing further from the previous article on Remortgage: Changing your mortgage plan, let's today talk about how much it will cost you for remortgaging.

What will remortgage cost you?
Even if there are no early repayment charges, your current lender might make an administration charge (sometimes known as an exit administration fee).
If you're switching to a new lender, they will insist on the same legal work your old lender did, to make sure the property offers proper security for them.

Lenders may also want an up-to-date valuation on your property.
With some deals the lender may pay some of these as an incentive to get your custom. But bear in mind you may have to pay back their value if you pay off your mortgage early.
Remember, when you've found a good deal, it's worth going back to your current lender to see if they will offer you a similar deal to keep you as a customer. This will save you some bother in moving on and maybe some money too.

Top tips
- Check your annual mortgage statement to see what you've paid and what's outstanding.
- Review your mortgage whenever a special deal ends.
- Don't assume that your current lender will keep you up to date with their best deals.