To take the hassle out of remortgaging, we’ll search thousands of deals to pick the right one for you.
If you are on a fixed rate or discounted mortgage deal, it’s likely that you’ll have to pay an early-repayment charge in order to end that arrangement. This is usually calculated in one of four ways:
Most lenders will charge an exit fee for closing your mortgage account, and these tend to cost between £50 and £300. Your original mortgage contract should include the cost of any exit fee you may need to pay.
You need to understand the market in your target area. You can research markets online by checking property-search sites and letting agents. It is also worth getting to know the area by reading local newspapers and talking to ‘lettings only’ estate agents.
There may also be costs to pay from your new lender, although to entice you in they may decide to waive some or all of them.
Lenders can charge you for a number of things as part of the cost of arranging the mortgage. Arrangement fees cost around £1,500 on average, but they can also be much more than this.
Legal fees with cover things such as the property valuation and conveyancing. These fees will be much lower than for someone who is moving to a new property, as there is less legal work involved in a remortgage.
We’re part of Which?, the independent consumer champion, and we make sure your interests come first. All our advisers are completely impartial and CeMAP qualified – so you can count on their expert knowledge. Watch our short video to meet our team and find out how we can help get the right deal for you.
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