Thoughts on remortgage

MPD

My current fixed rate ends August so I am starting to think about a new fix to start in September. I am looking at a 5 year fix with 10 years until the mortgage is paid off.

I am buying with OH, the house is valued at c. £250,000 and the remaining mortgage will be c. £75,000 so 30% LTV. The current fix is with Britannia with a rate of 2.54%. We are both in secure public sector employment and should have no issues with affordability.

I have looked at Britannia and the curent equivalent deal is 1.89%. I have also done a quick comparison and the best deal I found at the time was First Direct at 1.64%. I have largely dismissed the option of paying a fee to get a better rate, with First Direct paying £490 would get a rate of 1.49% which is a £5 per month saving so over 5 years I would save £300, so a net cost of £190. If paying a fee would reap overall saving I would of course reconsider.

I'm looking for thoughts on

1. Are there better deals out there?

2. When should I apply for a mortgage? I know this is a very difficult call in the current circumstances. I don't want to take capacity from the lender when there are higher priority cases but I also don't want to end up on the Britannia 4.34% SVR.

3. Will I need to pay legal fees? My previous remortgage was a transaction only product transfer with Britannia, this is the first time I have done a straight forward remortgage.

Thanks in advance.

Thrugelmir

To remortgage. You'll incur a mortgage redemption fee, plus legal and valuation fees and even possibly a product fee. Some lenders do offer free legal and valuation products. Use a broker and there may well be additional fees on top. 
Rather than spending a £1k or so on switching lenders. The money maybe better spent on overpaying your current mortgage. 
The smaller your mortgage balance becomes the less viable switching lenders will become. With 10 years left you could time this as two five year fixes. No need to end up on SVR. 

Unicorn_cottage

I am going through the remortgage processs now. I started the process in late March and my fixed rate ends end of June - so approx. 14 weeks beforehand. I have stated on the legal questionnaire (they ask this question) that I do not want the mortgage to start until 1st July to avoid early redemption fee. There is a remortgaging booklet by MSE here https://www.moneysavingexpert.com/mortgages/remortgage-guide/. I have gone through London and Country and the legal fees are costing approx. £350. Hope this helps

MPD

Looking at the mortgage calculator the difference between the deals I quoted is £9 per month, so £540 over a 5 year period or £1080 if rates stay the same for the subsequent remortgage in 5 years time. It seems to me rates are so low and the majority of the monthly payment is the principal so a switch may not be worth the time and effort. Which is pretty much what you said Thrugelmir.

I have read the guide thanks Unicorn_cottage, just getting things clear in my head now.

Always happy to hear more thoughts.