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Remortgaging

Moving your mortgage, not your home

Once you've gone through the process of finding your mortgage - you probably won't be in a great hurry to do it all again!

However, a year or two on, it can be an expensive mistake not to look around the mortgage market to see what's on offer. Always find out from your current lender what they can offer you, but also check out products from other lenders.

You can use our Mortgage tables to see what deals are available – see Compare mortgages.

Should you look around now?

  • If you're already on a special deal, probably not. The penalties you'd have to pay to break the deal, and the other costs involved, may mean there's no point.
  • If you’re about to come off a special deal, it’s likely that you’ll move to your lender's standard variable rate. Find out what that is and see what your new repayments might be by using our Mortgage calculator. You may need to re-plan your budget or you might consider shopping around – using our Mortgage tables at Compare mortgages.
  • If you're paying your lender's standard variable rate and there are no penalties involved you should certainly look at what else is on offer – again, use our Mortgage tables at Compare mortgages.

Find your most recent mortgage statement - your lender sends you one at least once a year - which will tell you what you're paying now, and how much you still owe. It will also tell you where early repayment charges apply and the date they stop.

Are you getting a good deal?

Use the information in your statement to compare your mortgage with others, both from your current lender and from other lenders. You can use our Mortgage tables to compare features and rates - see Compare mortgages.

You can then go directly to the lenders, or visit a mortgage broker and get a Keyfacts logo about this mortgage document for the mortgages you're interested in, so you can check you'll save money by switching.

What will it cost you?

  • Even if there are no early repayment charges, your current lender might make an administration charge (sometimes known as an exit administration fee).
  • If you're switching to a new lender, they will insist on the same legal work your old lender did, to make sure the property offers proper security for them.
  • Lenders may also want an up-to-date valuation on your property.

With some deals the lender may pay some of these as an incentive to get your custom. But bear in mind you may have to pay back their value if you pay off your mortgage early.

Remember, when you've found a good deal, it's worth going back to your current lender to see if they will offer you a similar deal to keep you as a customer. This will save you some bother in moving on and maybe some money too.

Top tips

  1. Check your annual mortgage statement to see what you've paid and what's outstanding.
  2. Review your mortgage whenever a special deal ends.
  3. Ask your current lender about what they can offer you and also shop around.