The five common costs
Review product fees, early repayment charges, valuation costs, legal work and any exit or administration fee on the existing mortgage.
- Product or arrangement fee
- Early repayment charge
- Valuation fee
- Conveyancing costs
- Mortgage exit fee
Calculate over a meaningful period
Compare the balance and total paid over the initial deal period, including fees and incentives. Adding a fee to the loan means paying interest on it.
A product transfer may differ
Staying with the current lender can involve fewer checks or costs, but should still be compared with suitable alternatives and your longer-term plans.