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Remortgage costs and fees

Before you sign up to a new mortgage deal, work out how much it’ll cost. You may want to compare this against the cost of staying with your current mortgage provider.

Depending on the remortgage deal, you’ll need to pay some fees and costs.​

Exiting from your existing mortgage provider

Early repayment charge

If you remortgage while still under the terms of your current mortgage, you might have to pay an early repayment charge. It’s usually a percentage of what you still owe on your mortgage. It can be expensive, so check before you remortgage or wait until your current deal is due to end.

Deed of release fee

This charge is for your current lender to send your conveyancer the title deeds. The charge doesn’t always apply but can be between £50 and £300.

Third party fees

Conveyancer fees

Your conveyancer may charge you for transferring your mortgage from one lender to another. But the fees don’t tend to be as high as those for your original mortgage.

Valuation fee

A valuation fee is so your new lender can see how much your home is worth before agreeing the deal. Valuation fees vary depending on the size and value of the property. But, unlike your first mortgage, you won’t have to pay for a home buyer’s report or structural survey.

Booking fee

Some mortgage lenders also charge a booking fee. This may be known as an application fee or reservation fee. It secures your new deal. MoneyHelper states that this can cost between £99 to £250. It’s paid on application and is usually non-refundable.

Fees from your new mortgage provider

Arrangement fee

You may have to pay an arrangement fee for your new mortgage. This will be a fixed amount or a percentage of the amount you’re borrowing. You can pay it upfront to avoid interest charges or add it to your new mortgage.

If you decide not to go through with the deal, this arrangement fee is non-refundable.

Broker fee

If you use a mortgage broker to arrange your remortgage, they may also charge a broker fee. These fees vary depending on the broker and the lender. They may get commission from the lender and so you may not have to pay a broker fee.

You can avoid paying a broker fee if you apply to the lender directly. But it might take a bit of time and effort for you to sort it out yourself.

When is the best time to remortgage?​

Before moving onto a standard variable rate

The most common time to remortgage is when your current deal is coming to an end. Usually, when a fixed, tracker or discount deal expires, it automatically transfers to a standard variable rate (SVR) mortgage. These often have higher interest rates than other types of mortgage, meaning you’ll pay more each month.

After the time when an early repayment charge would apply

Remortgaging when your current deal ends could also help you avoid paying an early repayment charge. But make sure you read your mortgage agreement closely, so you know when you’re allowed to find a new mortgage without paying any charges.

Switch to a new mortgage deal

You could avoid legal and valuation costs by remortgaging to Halifax.

If you already have a Halifax mortgage, then you may be able to do a product transfer.

Remortgage to Halifax   Product transfer

You could lose your home if you don’t keep up your mortgage repayments

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Already got a mortgage but looking for a new deal? Remortgaging might be the answer. There's plenty to think about before you take the plunge.

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Thinking of remortgaging?

Already got a mortgage but looking for a new deal? Remortgaging might be the answer. There's plenty to think about before you take the plunge.

Remortgaging help