Are you missing out on potential savings?

A mortgage is a long-term commitment – typically you won’t be free of monthly repayments for 25 years. But that doesn’t mean you should neglect this area of your personal finances in the short term – you may not be able to get rid of your debt, but you can make sure you’re always getting the best possible deal on it. Make sure to compare typical remortgage rates.

Depending on your circumstances, remortgaging could save you serious amounts of money. You won’t always be able to find a cheaper deal, but if you don’t at least consider remortgaging regularly there’s a chance you’re missing out on the opportunity to reduce your repayments or the total cost of the loan.

Remortgaging can be a great way to save money and is something you should consider regularly to make sure you’re on the best mortgage deal.

There is no set time when a person should remortgage as it will all depend on your personal circumstances and the reason why you are thinking of remortgaging. But it is especially worth thinking about a remortgage when you are getting near the end of a fixed rate deal or now if you are on your lender’s standard variable rate.

Remortgaging your home can be expensive and you should take the fees associated with remortgaging into account when weighing up the pros and cons of switching to a new remortgage deal.

Remortgage fees essential information

It’s important to check the cost of mortgage fees carefully, as they can easily add up to thousands of pounds. Although when compared to the overall cost of your mortgage loan a thousand pounds may seem like a small amount, if you’re remortgaging every few years then these fees could soon add up to a significant amount.

Don’t add remortgage fees to your loan

You may be given the option to not pay the upfront fees for remortgaging, and instead adding them to your overall loan. Which? advises caution here – interest will be added to these fees, meaning that you that the overall cost could be much higher over the longer term.

There are a range of different remortgage products available on the market, and it’s possible to shop around for the type which suits you best.

In essence, these types of deals could be no different to the first mortgage you take out. But depending on your financial situation at the time that your first, or subsequent, mortgage deals have come to an end, as well as the state of the mortgage market itself, you may want to consider a different type of remortgage.