Curious about the cost of remortgaging? Get expert insights into remortgaging costs from the specialists at UKMC.
Whether your fixed-rate deal is due to end soon or you want to obtain a better understanding of the fees, some of the most significant remortgage costs include early repayment charges (ERCs), arrangement fees, exit fees, legal fees, and valuation fees.
When considering your options, it’s important to consider all costs to help you make a more informed decision. Fortunately, the team at UKMC is here to help.
What are the costs of remortgaging?
Among the main costs of remortgaging include:
How much does remortgaging cost for your home?
In summary, for those asking, ‘Exactly how much does it cost to remortgage in the UK?’, the answer to this question depends on the terms of your current deal as well as those attached to the one you’re switching to.
However, if you wait until the end of your mortgage arrangement to switch (many lenders allow you to secure a new deal up to six months in advance) and therefore avoid ERCs, you can expect to spend in the region of £1500-£3800.
The overall cost of remortgaging can also be reduced if you receive lender incentives and expenses can be offset even further by the potential savings of switching to a mortgage arrangement with a lower interest rate or more favourable terms.
The best way to obtain clarification on how much remortgaging is likely to cost you is to contact a specialist mortgage advisor who can clarify each stage of the process.
Our team takes the time to understand your specific personal and financial circumstances, breaking down and explaining the different costs involved.
Do I need to pay for a solicitor?
Yes, a solicitor is usually – though not always – required to handle the paperwork associated with a remortgage, and they’ll charge a fee for their services.
As mentioned above, in some cases a solicitor’s fees will be paid by the mortgage lender as part of their service in an attempt to persuade you to accept their offer.
Of course, this can be tempting because it means you’ll have one less thing to worry about when it comes to how much it costs to remortgage a house.
However, be sure to check the detail of every arrangement because terms and conditions differ between lenders. If a lender doesn’t cover the costs of hiring a solicitor, you’ll need to factor them into your budget.
Where does UKMC come in?
We’d always recommend you speak to as suitably trained advisor or mortgage broker to understand all the potential costs – and the benefits too, of course – associated with remortgaging a house in the UK.
Put simply, we can assist with finding the most appropriate deal for your circumstances.
So, if you’re existing arrangement is due to end in the next six months, or if you want informed guidance about what your options will be when it does, then ask a team member.
Our experience and know-how ensure you won’t miss out. Don’t want to take our word for it? Then try reading more than 700 positive reviews on Trustindex.
If you’re looking to secure a new remortgage deal or want clear answers to other questions like ‘How much does a remortgage cost?’, why not book your consultation today?
Our remortgage advice process is quick, easy and hassle-free from the moment you first reach out to us.
If you can’t schedule a call straight away, then request a callback at a more convenient time.
Alternatively, complete our online contact form to book your own appointment.
Disclaimer
UK Mortgage Centre Limited is an Appointed Representative of Refresh Mortgage Network Limited.
Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm number 1019794.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee for your advice. A typical fee is £495, which would be payable when you receive your mortgage offer. Your dedicated advisor will discuss this further on your free initial phone call.
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