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Remortgaging can attract some other fees and charges. If you have a fixed rate mortgage, you will probably have to pay a redemption fee if you choose to remortgage now. If this is prohibitive, it may be a good idea to wait until the end of the fixed term before you remortgage.

Also, lenders exit fees are becoming increasingly expensive, with many now charging around the 300 mark. Other costs you may need to consider include set up fees from your new mortgage lender, legal fees and home revaluation fees. Take all of these into account when comparing a remortgage products and calculating whether a remortgage will save you money. Also watch out for tie ins such as expensive insurance. You should shop around for this separately to get the best remortgage deal.

While the number of people seeking for remortgage is increasing, there are still thousands of people paying over the odds in their old mortgages. The main reason people do not remortgage is because they do not realise how much it will save them, while others simply do not want to go over the house loan application process all over again.

However, it takes little time and effort to get a few quotes for a remortgage. Have a quick browse online or call into a remortgage broker for a quote.