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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. Lenders work hard to attract new customers, but often aren't so good at making sure their current borrowers continue to get the best deal.

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.

But 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.

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.

What will it cost you?

Even if there are no early repayment charges, your current lender might make an administration charge.

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.

In Summary

Check your annual mortgage statement to see what you've paid and what's outstanding.

Review your mortgage whenever a special deal ends.

Don't assume that your current lender will keep you up-to-date with their best deals.

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