Costs involved in remortgaging

There are some costs associated with remortgaging that need to be taken into consideration.

These costs may include:

• Legal fees
  Solicitors’ costs will be lower than when you bought your property, as the deeds are already in your name. However, they will still need to do the local searches and report back to the lender.
• Early repayment charges
  Your current lender may charge you for remortgaging. Check the terms and conditions of your existing mortgage to find out.
• Lender or arrangement fees
  This cost varies between £450 – £750 depending on the lender, size of mortgage and type of mortgage.
• Valuation fees
  It is unlikely that the lender will accept your previous valuation report in the current climate in the housing market.
• Higher lending charge
  If the amount you want to borrow is more than a specified percentage of the value of your property, you may be required to pay a Higher Lending Charge or HLC.

Related articles:

• Can remortgaging save me money?
• Steps to completing your remortgage
• Finding the right remortgage deal for you
• Types of mortgages
• Remortgage rates
• Buy to let remortgages