This is where a qualified independent mortgage advisor comes in handy - he or she can talk through your financial situation and advise on various options. This way you can see clearly what the immediate impact of remortgaging might be and, most importantly, avoid any future repayment difficulties should interest rates begin to rise. With many thousands of mortgage options available it is in your interest to get some professional impartial help and advice.

'Impartial' is the key word here - because although many banks and building societies would be pleased to offer you their mortgage services, the only lending services they are likely to recommend are their own. Independent mortgage advisors look at the whole universe of products before making a recommendation - ot just one supplier. So, although you might think you've done well with a traditional bank or building society product, the chances are you could have found a more suitable mortgage for your circumstances.

If you switch to a new lender you will face the same sort of costs that you would if you were buying from scratch, apart from stamp duty. Not only will you have the usual conveyancing and valuation fees - but your old lender may well charge you a 'closing down' fee. An independent mortgage advisor can help you identify lenders who will pay some of these costs for you. As an enticement to encourage new customers, some lenders offer to pay the legal or valuation fees - or else they'll offer a cashback, which will cover all or part of the costs of switching. More importantly an independent mortgage advisors can provide you with the figures to decide whether it's worth your while in the long term - particularly if you have stringent redemption penalties.

One thing to watch out for is that, in the month that you switch, your final payment to the old lender and your first payment to the new may overlap. Make sure you've got the money to cover this situation should it arise.

Please use our Mortgage Help system to set up an appointment with a local independent mortgage advisor. There's no commitment and usually no charge, just plain good advice.

Finally, for completeness we must state that your home may be repossessed if you do not keep up repayments on your (re)mortgage.

Back to: Property Help And Advice