Pay

Check the sums to make certain that remortgaging will pay for you.

There are likely to be several costs involved in the deal. Your existing lender may charge an early redemption fee, as explained earlier, or it may levy another form of early leaving charge. There is likely to be an application fee for the new mortgage, plus legal and valuation fees to pay.

Many brokers also charge for their help, though some, including Home which sponsors this guide, are free to use. Add up all the costs of the switch and compare them to the savings you will make by remortgaging. Many people find they recoup all the costs in lower monthly repayments within a few months – so the remortgage will certainly make sense.