Remortgage activity has surged this year in a continuation from last year when the base rate fell even further to a record-low level of 0.25%. Homeowner after homeowner has taken advantage of the low interest rate and found a remortgage product which best suited them in order to save money on the cost of the monthly mortgage. On the surface, it is easy to think of only the by-product of a remortgage which is highlighted typically by a lower mortgage payment. But what about fees associated with the remortgage process?

Remortgage has proven to be an asset to many houseowners looking for relief to inflation and other daily living expenses. It has helped lower overall monthly outgoings and given access to home equity for use in paying old debt, home renovations, and possibly taking a much-needed holiday. Bank fees however make it a transaction worthy of further examination.

Some lenders charge a fee for early payoff of a loan in comparison to end of term. Then there are closing costs and application fees and other administration fees. It can cast a dark shadow over the process making it daunting to just think about.

The fee aspect of remortgage is an area which needs to be discovered before making any final decision. Although it weighs only slightly in the final benefits column of making the decision to remortgage or not, fees are still a consideration.

Applicants are urged to make a list and find out all costs associated with a remortgage before acting. This will ensure a more successful experience through to the end. Housing experts are also urging those homeowners who have not acted yet to consider moving quickly before market conditions change.