In the UK, remortgaging can cost £1,000 or more, according to MoneyHelper, but there is no standard bill. Your total depends on the mortgage you are leaving, the new deal, your property and whether you switch before the current deal ends. The only reliable way to price it is to obtain a redemption figure from your existing lender and add every charge on the new mortgage offer, then compare those costs with the interest you expect to save.
What remortgaging costs in practice
Remortgaging means replacing your current residential mortgage with a new mortgage. You might move to another lender or take a new product from the same lender (a product transfer). A product transfer is not always a remortgage in the legal sense, but it is a relevant alternative because it can avoid some switching costs.
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MoneyHelper says you may need to pay £1,000 or more to change your mortgage. That is an indicative warning, not an average, quote or universal total. Some borrowers pay less because their lender covers valuation and legal work; others pay more because they face an early repayment charge (ERC), a large product fee or additional administration costs.
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- Leaving costs: the balance needed to redeem the old mortgage, any ERC, an existing-lender exit or administration fee, and interest due up to redemption.
- New-deal costs: the product fee, booking fee, valuation, legal or conveyancing charges, administration fees and any other charge listed in the mortgage illustration.
Do not assume that a “fee-free” deal has no cost. It may cover only selected legal or valuation services, while a higher interest rate, cashback conditions or an administration charge still affects the overall value.
Check the mortgage you are leaving first
Request a redemption figure
Ask your current lender for a written, up-to-date redemption figure. It should show the amount required to repay the mortgage on a specified date, including any interest, ERC and exit or administration fees. Because the figure is date-sensitive, request a new one if completion moves.
Find out whether an ERC applies
An ERC is generally linked to ending a fixed-rate, discounted, tracker or other product before its stated end date. It is not automatically payable merely because you are remortgaging, and it does not necessarily apply after the product period has ended. Your mortgage offer and redemption statement should state whether a charge applies, how it is calculated and when it falls away.
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Check the permitted overpayment and exit rules
Some mortgages allow limited overpayments without an ERC, but the allowance and calculation are product-specific. Confirm whether an overpayment made before redemption changes the balance or charge, and ask whether any daily interest or administration fee will be added.
Costs that can appear on the new mortgage
| Cost | What it covers | What to verify |
|---|---|---|
| Booking fee | A charge to reserve a particular product before completion. | Whether it is refundable, when it is payable and whether it is separate from the product fee. |
| Arrangement, product or completion fee | The lender’s charge for providing the mortgage product. | The cash amount, payment date and whether it can be added to the loan. |
| Valuation | An assessment of the property for the lender’s security. | Whether the lender pays it, limits the service to a basic valuation or requires you to pay for a fuller survey. |
| Legal or conveyancing work | The legal steps needed to transfer the mortgage and register the lender’s charge. | Whether a lender’s “free legal” package covers all work, leasehold requirements, searches, disbursements and additional legal time. |
| Administration charges | Processing, transfer or other account-management work. | Every administration line in the illustration and any fee payable to the existing lender. |
| Cashback or incentives | A payment or contribution offered by the new lender. | When it is paid, whether it is conditional on completion and whether it offsets all or only part of your costs. |
Not every item applies to every mortgage. The lender’s mortgage illustration and offer are the controlling documents for the product you are considering.
Product fees paid upfront or added to the mortgage
You can sometimes pay a product fee from savings or add it to the mortgage. Adding it avoids an immediate cash payment but increases the balance on which you pay interest. It can also increase the loan-to-value ratio and affect eligibility or future pricing.
For a fair comparison, calculate both versions when possible: the total if you pay the fee upfront and the total if it is capitalised. A fee added to the loan is not a zero-cost option; it is a loan that accrues interest for as long as it remains outstanding.
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How to compare a remortgage with your current deal
Use a consistent comparison period
Compare the options over the period that matters to you, such as the initial fixed-rate period or the time you expect to keep the mortgage. Include the balance remaining at the end of that period if one option leaves you owing more. Comparing only the initial monthly payment can make a fee-heavy product look cheaper than it is.
Record every figure in one worksheet
- Write down the old mortgage balance, rate, monthly payment and product end date.
- Enter the redemption figure for the date you expect to complete, including the ERC and exit fee.
- For each new option, record the rate, term, monthly payment and product period.
- Add the product or booking fee, valuation, legal, administration and other charges.
- Record incentives separately and apply them only when their conditions are met.
- State whether each fee is paid upfront or added to the loan, then include interest on any added amount.
- Calculate the total cash and interest cost over the same comparison period for every option.
A simple break-even calculation
A useful first test is:
Break-even months = total switching costs ÷ monthly payment reduction
Use the total of the ERC, product and booking fees, legal and valuation costs, administration charges and any other unavoidable expense, less genuine incentives. This test is only a screen: it does not capture the balance left, changes in rates, or interest on a capitalised fee. A full comparison should calculate total interest and fees over the chosen period.
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MoneyHelper’s fee illustration
MoneyHelper gives an illustration using a £200,000 mortgage over 20 years, assuming each stated rate remains unchanged for the whole term. The existing deal has a 5% rate and no arrangement fee. Option 1 has a 4.5% rate and no fee. Option 2 has a 4.4% rate with a £2,000 arrangement fee added to the mortgage.
| Illustrative option | Rate | Arrangement fee | Monthly payment | Total mortgage cost |
|---|---|---|---|---|
| Existing deal | 5% | £0 | £1,320 | £316,876 |
| Option 1 | 4.5% | £0 | £1,256 | £303,572 |
| Option 2 | 4.4% | £2,000 added to the mortgage | £1,267 | £304,102 |
In this illustration, the slightly lower 4.4% rate does not produce the lowest monthly payment or total mortgage cost because of the £2,000 fee and the interest charged on it. The figures are an example under stated assumptions, not a current market offer or a prediction of what your mortgage will cost.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.When switching to a new lender can cost more
Leaving before the product ends
If the ERC is large, the interest saving from a new rate may not recover it before the next product change. Ask whether your current lender allows you to reserve a future product while remaining on the existing deal, or whether completion can be timed after the ERC expires. A lender or adviser can explain the operational deadlines, but only your documents establish the charge.
“Free legal” that is narrower than expected
A lender-paid legal service may cover standard remortgage work but exclude leasehold information, a complicated title, restrictions, indemnity policies, searches or work caused by a change in ownership. Obtain the package terms in writing and ask what you would pay if the transaction cannot complete.
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Valuation and property changes
A lender may offer a free basic valuation, yet a down-valuation can change the loan-to-value band and the product available. Extensions, renovations, lease length and unusual construction can also require extra assessment or legal work. Treat a free valuation as a covered service, not a guarantee of a particular valuation outcome.
Small fees and timing costs
Administration fees, daily interest between redemption and completion, bank transfer charges or document fees can be modest individually but still affect a close calculation. Request a complete fee schedule rather than relying on a headline “no fee” label.
Regulatory information you should see
FCA mortgage illustration rules require the maximum applicable ERC and other relevant fees to be shown as cash amounts in the illustration. Use those figures to identify the worst-case charge, then ask the lender for the amount that applies on your intended completion date. A maximum shown in an illustration is not necessarily the amount you will pay.
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Check that the illustration identifies the rate type, introductory period, follow-on rate, payment assumptions, product fee and any incentive. If a fee is described only in general terms, ask the lender or adviser for the cash amount and the event that triggers it.
Step-by-step: pricing your own remortgage
- Check your current paperwork. Locate the mortgage offer, latest statement and product end date.
- Ask for the redemption figure. Request the ERC, exit fee, daily interest and the date each figure is valid.
- Obtain product-transfer terms. Ask your current lender for the rate, fee, payment and any valuation or legal requirement on an internal switch.
- Collect full new-lender illustrations. Do not compare rates from adverts without the associated fees and conditions.
- Confirm legal and valuation scope. Get written confirmation of what is included and what would be charged separately.
- Choose the comparison period. Use the initial deal period or your expected holding period, and include the projected balance.
- Run the total-cost calculation. Add fees and ERCs, subtract certain incentives, and include interest on capitalised fees.
- Stress-test the decision. Check what happens if completion is delayed, the valuation is lower than expected or you refinance again before the new deal ends.
- Reconfirm figures before exchange or completion. ERCs, balances and lender offers can change with time.
Common mistakes and how to avoid them
- Calling £1,000 a typical average: MoneyHelper’s wording is “£1,000 or more”; it is not an average or personal quote.
- Assuming an ERC always applies: It depends on the product and timing. Check the end date and redemption statement.
- Comparing rates without fees: A lower rate with a large product fee can cost more overall.
- Ignoring capitalised-fee interest: Include the extra borrowing and interest in the total.
- Treating incentives as unconditional: Confirm payment timing, eligibility and any clawback or completion condition.
- Using a generic ERC percentage: Only the current lender can provide the amount for your mortgage.
- Comparing different terms: A longer term can lower the monthly payment while increasing total interest. Compare like-for-like terms or show the balance and interest effect explicitly.
- Waiting until the last minute: Legal work, valuation and lender underwriting can take time, and a delayed completion may change the redemption figure.
What information to have ready
To get a dependable calculation, prepare your latest mortgage balance, current rate, product end date, ERC schedule, remaining term, property value estimate, income and outgoings, and any planned changes to the property or ownership. Lenders may ask for payslips, bank statements, proof of identity and details of other debts when underwriting a new application.
Keep the redemption statement, mortgage illustrations and legal-cost terms together. If figures conflict, ask the lender or conveyancer which document controls and request a corrected illustration before proceeding.
Decision checklist
- Have you obtained a dated redemption figure?
- Is the ERC confirmed in cash and tied to your planned completion date?
- Have you compared a product transfer with at least one new-lender option where available?
- Are booking, product, valuation, legal and administration charges listed separately?
- Do you know exactly what “free legal” or “free valuation” covers?
- Have you included interest on any fee added to the mortgage?
- Are incentives conditional, and have you included only amounts you are certain to receive?
- Are all options compared over the same period, term and balance assumptions?
The practical answer is therefore personal rather than a single national price: start with the lender’s redemption figure, add the complete cost of the new deal, and compare the resulting total with the interest and balance savings over the period you expect to keep the mortgage. That process shows whether switching is worthwhile without relying on a headline rate or a generic fee estimate.
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