Some people remortgage because they have to. They may have reached the end of their mortgage deal, or they may need to free up some equity in their property.

Other people, however, choose to remortgage because they’ve spotted a deal that’s simply better than the one they’re on right now and they’ve decided they want to cut their monthly payments by moving to it.

The interest charged on mortgages can vary more than you might think, due to changes in the base rate set by the Bank of England, levels of confidence within the banking system, worries about the economy and so on. Someone paying 7% interest on their mortgage could realise they have the option of switching to a 6% mortgage – or 5% – or 4%!

But is it actually worth it? The answer may not be as straightforward as you might think. Many mortgages can come with an ‘early redemption charge’ – a fee that the lender will charge the borrower if they leave the mortgage earlier than originally agreed. Some people may think this sounds unfair, but there’s a good reason for it: if they leave the mortgage early, they obviously won’t be paying as much through their monthly payments as the mortgage lender originally expected.