Most of the large mortgage providers today offer discounted rates or other special offers for a fixed term when you take out a mortgage but as we all know these great rates don’t last forever. This is why it is important to review your mortgage deal a few months before the special offer comes to an end and if necessary move to another provider.

This is easiest done with the help of a financial advisor however you then have to pay their fees as well. An alternative would be to use a comparison website – such as the BUYability comparison engine – to compare the interest rates available from different lenders and the special terms on offer. Doing a bit of research can easily save you hundreds of pounds each year on your mortgage payments and for an hour or two of work that isn’t a bad deal.

One important thing to watch out for when moving your mortgage though is the multitude of fees that you may be required to pay. These include the following:

• Early repayment fees – these are paid to your present lender and can cost you thousands of extra pounds. If it is only a few months until the fixed term ends then it is worth hanging on so you don’t need to pay.
• Administration fees – these are a bit of a joke and are charged by your present lender. Unfortunately unless you pay them they won’t let you go though.
• Arrangement Fees – these are the fees you have to pay to your new provider so they can set up your account. Again you don’t get a say in the matter although some lenders will offer discounted fees on occasion.
• Legal fees – this is the money you pay your solicitor to make everything legal.
• Valuation fees – this is paid to an independent company who make sure your house is worth the amount of the mortgage.

In all the fees for moving your mortgage can cost between £700 and £1500 and so it is vital that you make sure you’re going to save at least this amount by moving the mortgage in the first place. If you can’t find a lender that can save you more than the amount of your fees then it might be advisable to stay where you are until some new mortgage product comes on the market. Occasionally lenders offer to pay the fees involved however their products are normally at a slightly higher interest rate and it can turn out more expensive than paying the fees yourself and going elsewhere.

In general though it is worth reviewing your mortgage every few years to see if there are any better deals available. The mortgage market changes regularly and there are new options released every few months so even if there is nothing suitable now, there may be something in the near future – if you take the time to look.