Remortgaging explained: when to switch, what it costs and how the legal side works
Most people think about their mortgage twice. Once when they buy, and once when the fixed rate is about to end and a letter arrives from the lender. That second moment is worth far more attention than it usually gets. Handled well, a remortgage takes a few weeks, costs very little and saves a meaningful sum every month for years. Handled late or carelessly, it can cost a household hundreds of pounds in avoidable interest before anything has even been signed. We act on remortgages every week for clients across Norfolk and throughout England and Wales. What follows is the practical advice we find ourselves giving most often. First, know which of the two routes you are taking There are two ways to change your mortgage, and they are not the same thing. A product transfer , sometimes called a rate switch, means staying with your existing lender and moving onto one of their new deals. There is usually no legal work involved and it can be arranged quickly, often online. The limitation is ...
