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How much will remortgaging cost?

Mortgage fees, solicitor costs & more

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Lesley

Updated November 2016

What fees will you pay?

There are a multitude of fees when it comes to remortgaging so it's crucial to know the costs to work out if it's worth it.

This guide explains what fees and charges you'll need to factor in when remortgaging. Some won't apply to you, but we've listed them in a timeline of what you'll have to pay, when, and to whom so you can get a rough idea of how much you'll have to pay.

Costs for leaving your current deal

Early repayment charge To your existing lender

An early repayment charge is a penalty applied if you repay your mortgage (or overpay more than is allowed) during a tie-in period. This is typically the length of time you are on an initial deal, eg, fixed for two years.

Exit fee To your existing lender

Also called a 'deeds release fee' or an 'admin charge', this is to pay for your current lender to forward on your title deeds to your solicitor.

Costs for getting your new deal

Mortgage fees To your new lender

Most products have at least one mortgage fee, if not two - the mortgage booking fee and the mortgage arrangement fee. Here's how they work:

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Ready to remortgage?

If you want to change mortgage, this free guide has tips on when you should & shouldn’t remortgage and how to grab top deals.

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Valuation fee To your new lender

The good news here is that most remortgage packages give you this for free. If it's not paid for you, expect to pay around £300-£400.

Conveyancing fee To your solicitor

Legal work is required to remove the original lender's interest from the property and register the new lender.

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