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Although many are looking to get a remortgage to help pay off their current loan, few are finding it economical to do so. Rates for remortgages are going up and there are several new fees that many banks are now charging. Application fees are now quite common for remortgages as well as higher closing costs. All around, remortgages are now more expensive than they ever were in the past.

“Despite three cuts in the base interest rate, you still need to keep an eye on your savings - there’s a three per cent spread between the top and bottom of the ISA tables. But there’s good news for those seeking term life insurance - it’s getting cheaper all round with both near worst and near best costs coming down this quarter,” said Robin Amlot of Money Extra.

Sean Gardner, director of MoneyExpert.com, comments: “Anyone looking to remortgage or to buy a property for the first time will need to recalculate their options if they haven’t factored in fees. The days of fee-free mortgages are over and frankly getting anything under £1,000 is something of a coup.  And with stamp duty reaching an average of £4,950 per property moving home is becoming more and more expensive.”

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