Guide to Remortgages - Page 2

What will the remortgage costs be?

You will incur several costs when remortgaging. It is very similar to when you applied for your very first mortgage.

Don’t overlook the costs!

Type of Cost	Amount	Description
Solicitor	£200 upwards, depending on the value of the property.	These are fees payable for the legal work required for refinancing your property.
Valuation	From £200	This is an independent valuation, quite often just a drive by inspection of your property. It is to inform the Lender what the property is worth. The Lender needs this information to confirm that they could recoup their money, if you did default on the loan repayments.
Mortgage Company	£400 approximately	This is for the application fee, also known as arrangement fee. It secures the amount of money you need, until all the administration has been done.

Some Lenders may have special offers which waive some or all of the above costs. In many cases you will find that deals which offer ‘free’ valuations etc normally are linked to mortgage rates which are slightly higher than those without the ‘free’ valuations etc.

It is also possible to add these costs onto your mortgage. BUT be aware that by doing this, you will pay interest on these costs over the term of the loan.

Download the Breakdown Insurance PDF Guide here - see our other free PDF guides here

Guide Contents

What is a remortgage?
What will the remortgage costs be?
Knowing what to look for in a remortgage search
The remortgage application
Remortgaging FAQ’s
Where can I get more remortgage help?
Remortgages Useful Terms

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