Remortgaging can be well worth it, saving you hundreds or even thousands of pounds a year. You may even be able to get a better rate from your existing lender – avoiding the time and expense of remortgaging – simply by threatening to leave.

But don’t accept any offer without finding out if you can get a cheaper deal elsewhere. And don’t do anything without checking if there is an early redemption penalty on your existing loan, as this could more than cancel out any savings you would make by moving.

Also, when you’re comparing deals, it’s essential to take the set-up fee (also called an arrangement or reservation fee) into account, along with the valuation and solicitor’s costs.