There will be a fee for mortgage advice. The precise amount will depend upon circumstances but we estimate that it will be £500.
When you remortgage, you are switching your mortgage to another deal with another lender without moving property.
Remortgages can be used for various reasons. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could potentially get a new discount rate with another lender. Another example is when you may need to re-mortgage to consolidate debts.
It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower APRC (Annual Percentage Rate of Charge), you must take into consideration the facts that:
The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.
If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.
Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.
You may have to pay an early repayment charge to your existing lender if you re-mortgage.