Looking to remortgage? Here’s the process!

Looking to remortgage? If you are then you should be aware of a number of costs associated with the house move.

The first potential problem (sorry cost!) is the Early Redemption Charges (ERC) tie-in. Such charges are levied if you break the term outlined in the mortgage contract. Mortgage providers appear to have wised up about the amount of people (or rate tarts as they call them!) who frequently change mortgages for the best dea. To get the best and most applicable deal it may be a good idea to use a mortgage lender or mortgage lender finding service.

The next additional cost is that of a property valuation. During the remortgage process, having completed an application form for your new property and provided important documents such as proof of income etc, your new lender is likely to ask for a valuation of your property which may mean adding in extra costs in your planning.

Even if you decide not to go ahead with a remortgage it can always be useful to know the mortgage deals that are out there and if you make your existing mortgage lender aware you are looking around for a new mortgage, they might offer you an better deal.