Q: What is the first step I should take towards obtaining a mortgage on better terms?
A: First, ask your existing lender about any special deals they can offer you to cut your mortgage costs. They should be able to show you how your payments will change if you switch loans and explain the costs and paperwork involved.

Q: Will I have to pay my existing lender a penalty charge?
A: They will be able to tell you this. Remember to factor in this charge if they do. However, in some cases, the savings from moving lender can outweigh a penalty payment. You will need to calculate this.

Q: What if my existing lender cannot help me?
A: Next, contact an IFA who can shop around amongst other lenders. Many new lenders have entered the marketplace in recent years and offer very attractive rates and schemes.

Q: Will I need a valuation?
A: You may be required to have a valuer examine your home before your new loan is agreed – though they may just carry out a valuation from the street if you are only borrowing a small percentage of the total loan-to-value.

Q: Will I need a solicitor to handle the conveyancing?
A: You could either instruct one yourself or, in some cases, the new lender may help you find one.

Q: Is the process a lot of hassle?
A: Often all the paperwork of a remortgage can be done over the phone – or even online. Completed forms are just sent to you to sign and return. The process should be painless.

Q: How long does a remortgage usually take?
A: There is no standard time. Delays can happen – but most remortgages are typically completed within two months.

Your home may be repossessed if you do not keep up repayments on your mortgage.