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There are many reasons why you may want to remortgage. Maybe your fixed rate has come to an end, or you may want to pay less each month.
But before you dive in and sign up for that new deal, you need to be aware of remortgaging costs.
It’s important to factor them into the price you are willing to pay. Then you’ll know exactly how much you might be able to save by getting a mortgage with a new lender.
Depending on who you remortgage with, you could pay some or all of the below fees and costs:
When a fixed, tracker or discount deal comes to an end, you are usually transferred to a standard variable rate (SVR) mortgage.
The interest rates on a standard variable rate mortgage are often higher than other types of mortgage.
This can mean you pay more each month. Many people choose to remortgage when their deal is coming to an end, to avoid being placed onto a standard variable rate.
By remortgaging when your current deal ends, you could also avoid paying an early repayment charge. But make sure you read your mortgage agreement closely, so you know when you’re allowed to seek a new mortgage without paying an early repayment charge.