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The next steps?

The first half of this guide should have shown just how many financial advantages you can get out of remortgaging. But what about the process itself? Fortunately technological advances and intense competition in Britain's mortgage market means remortgaging is getting easier than ever. Lenders are keen to poach customers from their rivals, and will handle most of the paperwork involved in a remortgage to ensure that they get new borrowers on board as quickly as possible. They will also help out with any of the legal or valuation work that needs to be done and a price war means the costs of remortgaging may also be far lower than you had thought. Here are the seven key steps to a better mortgage.

Decide what you want to achieve by remortgaging

Do you want to cut your monthly payments, move on to a fixed rate deal, raise some extra capital or get a more flexible arrangement? Fortunately with many remortgages you can achieve several of these goals at once – cutting your monthly payments while raising a little extra money and getting a more flexible deal, for example. But it helps to prioritise your aims to ensure you end up with the most effective new mortgage deal.