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How Much Does it Cost to Remortgage?

Learning how much does it cost to remortgage is important because factors such as is now a good time to remortgage will directly impact the fees you might expect to pay.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2024-07-17
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How Much Does it Cost to Remortgage?

Learning how much does it cost to remortgage is important because factors such as is now a good time to remortgage will directly impact the fees you might expect to pay.

Does it cost to remortgage? It does – you’ll usually pay things like valuation fees and product charges. However, if you can’t afford to remortgage, you might consider products with the costs rolled up into the product.

Revolution Brokers explains what does it cost to remortgage and what to consider if you're looking into can I remortgage for a longer term to reduce your outgoings.

How Much Does it Cost to Remortgage?

Remortgage costs are the fees for a new product and other costs such as valuing your property. If you're worried that you can’t afford to remortgage, the good news is that a more competitive remortgage will likely bring down your outgoings and easily cover the product and arrangement fees.

However, can I remortgage before a fixed-term contract ends is a little trickier because a lender will normally levy an early repayment charge, often of around 5% of the outstanding balance.

Therefore, how much does it cost to remortgage will vary depending on whether you're in a fixed-term deal and the specifics within your current mortgage agreement.

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Based on your yearly income,
you may be able to borrow

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Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.

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Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.

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Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.

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How Much Does it Cost to Remortgage in Solicitors’ Fees?

What does it cost to remortgage in terms of legal fees? Conveyancing includes registering the change in mortgage deeds with the Land Registry, although many lenders will include the costs of legal services within a remortgage offer.

However, how much does it cost to remortgage changes slightly if you're remortgaging with the same provider? A product transfer does not require any conveyancing work, so if you are concerned that you can’t afford to remortgage, a product transfer may be a more affordable option.

How much does it cost to remortgage early with the same lender? Potentially, although not often – most lenders will prefer to keep you within the terms of a fixed-term mortgage before they offer a remortgage. Still, if you're looking into can I remortgage for a longer term, a broker may be able to negotiate this clause on your behalf.

How Much Does it Cost to Remortgage on Average?

We've listed all the major remortgaging costs below, although these won't always apply in every scenario. If you're in any doubt about how much does it cost to remortgage or is now a good time to remortgage, please get in touch with Revolution Finance Brokers at your convenience.

How Much Does it Cost to Remortgage in Early Repayment Charges?

Early settlement fees are levied if you are locked into a fixed-term deal and decide to remortgage regardless – it is normally advisable to wait until you reach the term end. What does it cost to remortgage if you need to pay an early exit fee? Often from 1% to 5% of the balance remaining on your mortgage.

How Much Does it Cost to Remortgage in Exit Fees?

Exit fees differ from early exit charges, an administrative cost some lenders include in your mortgage contract. How much does it cost to remortgage if your agreement includes an exit fee? It's usually from £50 to £65 depending on the lender.

How Much Does it Cost to Remortgage in Deed Release Fees?

Deed release fees cover the admin tasks in sending the title deeds to the new lender – some remortgage providers charge an upfront fee, while others will roll it up into the first remortgage repayments. Can you remortgage early with the same lender and avoid a deed release fee? Yes, the cost is normally £50 to £300, but you won’t always need to pay this, particularly if you’re remortgaging with the same provider.

How Much Does it Cost to Remortgage in Product Fees?

Product fees are also known as application or arrangement fees but can be from £1,000 up to around £2,000. It is essential you understand what the product fees are because one remortgage that looks attractive due to a low-interest rate may actually be more expensive due to extra charges such as a product fee. If you can’t afford to remortgage, how does this work? You can often roll the cost up into your remortgage payments.

How Much Does it Cost to Remortgage in Booking Fees?

Booking fees aren’t always payable, but some lenders add an extra one-off fee, normally associated with the most competitive remortgage offers. This cost is non-refundable and payable on application and is around £100 to £200.

How Much Does it Cost to Remortgage in Valuation Charges?

Most lenders will need an up-to-date valuation before they can offer a remortgage, so how much does it cost to remortgage may depend on the complexity of the valuation and the size of your property. Valuations cost around £400, although some remortgage providers will cover valuations within their offer.

How Much Does it Cost to Remortgage in Conveyancing Fees?

How much does it cost to remortgage through a solicitor? The charges for a remortgage depend on the volume of conveyancing work required, but the average is about £300. Again, many lenders will include legal costs within a remortgage offer.

How Much Does it Cost to Remortgage in Broker Fees?

Broker’s fees are usually around 1% of the mortgage value and from £300 to £600 on average. Understanding what is remortgaging your house, and selecting the optimal lender and remortgage product will usually save you considerably more than the broker's fee!

Help With Calculating How Much Does it Cost to Remortgage

Every remortgage application is different, and if you'd like independent, impartial advice about what does it cost to remortgage or what you should do if you feel you can’t afford to remortgage, please get in touch at any time.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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Frequently Asked
Questions

Remortgage costs vary and may depend on the valuation requirements of the lender, whether you have an early repayment charge to pay, and any free services, such as legal fees, included within your remortgage offer. Most remortgage applicants might expect to spend up to £2,000 or £3,000 as a maximum, although costs will likely be rolled into the remortgage agreement.

If you're unsure whether it's a good time to remortgage, we'd recommend contacting the friendly team at Revolution. We can look at your current mortgage terms, contractual clauses and early repayment fees to help you work out whether you'd stand to make a saving by remortgaging immediately or what the best action plan might be.

Yes, you can extend your term to reduce your monthly payments, either by remortgaging onto a new product or with a different lender or by requesting a change to your mortgage term with your current provider. If your lender is unwilling to extend your period, a remortgage could be the best option.

Legal fees for a remortgage cost about £300 as a rough average, although many lenders will offer free legal services as an incentive to encourage you to choose them as your remortgage lender. However, we always recommend having a look into what they include, since if you don’t have a solicitor or conveyancer working solely for you, it is possible to miss contentious clauses in your legal documents.

Remortgaging means applying for a new mortgage with the same or a different lender. They will run through a property valuation, eligibility assessment and affordability checks to verify whether they can offer you the remortgage value you would like.

It does, although many of the costs linked to remortgaging may be included in the remortgage offer or the first couple of payments. If you need to pay up-front costs, such as an application fee, be sure to check whether this is refundable if you change your mind or if the lender turns down your remortgage application.

Technically, yes, you can remortgage whenever you like. If you are in a fixed-term contract, you should check your mortgage documents carefully to see whether an early repayment charge applies and, if so, to what value. Early settlement fees can be a fixed charge but are more often a percentage of the balance outstanding and can be extremely costly.

If you assume you can’t afford to remortgage, it’s wise to contact an independent broker to evaluate your options and decide on the best course of action. It may simply be a case of applying to a lender more likely to accept your application or selecting a more suitable remortgage product.

Not often, no, because lenders aren't keen on waiving early settlement fees if they don't have to. In some circumstances, a lender will consider waiving an early settlement charge or reducing the cost if you have a strong application and they don't wish for you to remortgage with an alternative provider.

If your property is worth more than your mortgage, you might be able to remortgage to a higher value, using the equity you own in your home as security against a larger remortgage value.

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The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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