Remortgages

While some remortgage deals are "fee-free," potential costs can include:

• Arrangement Fee: Paid to the lender for the product (can often be added to the loan).

• Valuation Fee: For the lender to assess your property’s value.

• Legal Fees: For a solicitor to handle the paperwork (often free with standard remortgages).

• Exit Fees/Early Repayment Charges (ERCs): Payable to your current lender if you leave before your deal ends.

Generally, yes, as legal work is required to transfer the debt from one lender to another. However, many lenders offer "free legals" where they cover the cost of a solicitor for standard remortgages. If you are doing a "product transfer" (staying with the same lender), you usually do not need a solicitor.

If a lender’s valuation is lower than your estimate, it can increase your Loan-to-Value (LTV) percentage. This might push you into a higher interest rate bracket or mean you cannot borrow as much additional capital as planned. You can sometimes challenge the valuation with evidence of comparable local sales, or try a different lender who uses a different surveyor.

Yes, but it can be more difficult. Lenders prefer stability, so being in a probationary period or having a gap in employment can affect your application. If you have moved to a higher salary in a similar industry, it is often fine, but moving to self-employment or a short-term contract may require specialist advice.