Cost of moving mortgage product

Hominu

When you take out a mortgage product you have the appropriate fees such as arrangement fee, booking fee, survey fee, etc, plus legal fees.

When you decide to move your mortgage to another provider, I assume fees like the arrangement fee and booking fee are still required, but what about survey fees and legal fees? Do you need another survey for the new lender? Do you need to get a solicitor involved like the first time to actually draw the mortgage? etc.

Thrugelmir

There are costs associated in moving to another lender. As in effect you are effecting a new mortgage. Remaining with your existing lender is merely a change of product.

So you need to consider all the costs when remortgaging. Often lenders will offer deals such as "fee legals" as an enticement.

Hominu

Right, so moving to a different product from the same lender will be much cheaper than moving lenders as the later has to basically start from scratch?

Thrugelmir

In essence yes. Though well worth looking around.