Remortgage made up more than a third of all mortgage lending during the month of April just a few months ago. From the end of summer of last year, remortgage has been a rising star in the mortgage lending world and many families have taken advantage of it. It is no longer the unpopular lending tool which only sits in the corner never being called upon. It is a serious player now and one which is changing the financial fate of many families.

After deciding to remortgage, many applicants are at a loss for the next steps or what to be watchful of. A simple understanding of what is most important through the process will make the difference between a nightmare and a victory lap.

First, make sure to get an accurate value of the house to be remortgaged. This figure will affect the loan to value amount which will be taken into account by the lender. It is also an important figure to be aware of when accessing home equity.

Second, be aware of hidden fees when reviewing deals on the table. Many lenders advertise low interest rates and then pile on administration fees to make up for the lost income. Low rates could propel their name to the top of the list, but for them to be profitable they must find income elsewhere – hence the additional fees.

Last, do not ever underestimate small amounts of savings which can happen with a remortgage. A decrease in the monthly mortgage payment of even a small amount adds up with time. A remortgage is a tool which is being utilized by millions of families across the country and experts are urging any house owner to consider this as part of a wise decision to potentially save money.