Although the base rate has been cut by the Bank of England three times over the past four months, taking the base rate from 5.75% to 5% during this time, not all homeowners have felt the benefits of the rate cuts reflected in their mortgage repayments. Unfortunately some lenders have failed to pass on all or any of the rate cuts each time the base rate has been lowered, and therefore some homeowners are continuing to struggle with repayments.

One solution for those that are unhappy with their mortgage interest rate – or indeed any other aspect of their mortgage – is to remortgage to another more suitable and affordable deal. Whilst the range of mortgage and remortgage products has fallen over recent months there are still some deals available that could suit your needs and pocket. However, there are some things to look out for when it comes to remortgaging:

1. What sorts of interest rates are available? One of the main reasons for switching your mortgage is to get a better rate of interest in order to enjoy more affordable repayments. Make sure that you compare different deals to find a mortgage that offers a more competitive rate of interest.

2. What sort of deposit is required? Many lenders have now raised the minimum deposit required on mortgage products in order to access the most competitive deals. You should check and see what sort of deposit is required on the mortgage product that you are interested in, and whether the higher deposit is worth the decreased interest rate.

3. What will the arrangement fee be? According to recent reports the arrangement fees on mortgages have rocketed and in some cases doubled over the past year. You should make sure that you know how much you will be charged for the mortgage, and again determine whether it is worth switching given the arrangement fee that you have to pay.

4. Will you have to pay any penalties for paying off your existing mortgage early? In some cases you may find that you have to pay an early redemption fee for paying off your existing mortgage early. Make sure you are aware of exactly how much this is, and add it to the other costs, such as arrangement fees and deposit in order to get a better idea of your remortgaging costs.

5. What sort of repayment periods will you be able to choose from with your new mortgage? Find out what sort of repayment periods are on offer from any new provider you are considering, so that you can be sure that there are repayment periods available to suit you and your pocket.