What are the risks involved with a remortgage?

There are a number of risks involved with a remortgage, including:

* Early repayment charges: Most mortgages have early repayment charges, which can be expensive if you want to repay your mortgage early.

* Higher interest rates: If you have a good credit score, you may be able to get a lower interest rate on your new mortgage. However, if your credit score has declined since you took out your current mortgage, you may end up paying a higher interest rate.

* Additional fees: There are a number of fees associated with a remortgage, including application fees, arrangement fees, valuation fees, and legal fees.

* Negative equity: If the value of your property has fallen since you took out your current mortgage, you may end up with negative equity. This means that you owe more on your mortgage than your property is worth.

* Property repossession: If you cannot afford to repay your mortgage, your lender may repossess your property. This means that you will lose your home.

It is important to weigh up the risks and benefits of a remortgage before deciding whether or not to proceed. If you are not sure whether a remortgage is right for you, you should speak to a financial advisor.