Choosing a remortgage is essentially no different to a mortgage. Below is a very brief summary of the key areas to consider:

Type of interest rate
There are a wide range of different types of interest rate to choose from, each of which is geared to different individual circumstances and attitudes to what will happen in future. Briefly, the main ones available are:

• Variable/tracker - The interest rate payable on variable and tracker mortgages will rise and fall in line with some other measure, usually the Bank of England base rate. The lending rate is likely to be at a set level above the prevailing base rate.
• Fixed - Fixed rate mortgages guarantee a specific rate of interest for a set length of time. Most commonly, this is for between one and five years, though it can be as long as ten, fifteen or even 20 years. Once the fixed period is over, borrowers then revert to paying the prevailing Standard Variable Rate.
• Discounted - With a discounted rate mortgage, the Standard Variable Rate of a lender is temporarily reduced by a set amount for a specified period, usually from one to five years. Once the discounted period is over, borrowers then revert to paying the prevailing Standard Variable Rate.
• Capped - The interest rate on a capped mortgage follows the lender's SVR up and down, with the key difference that the rate is guaranteed not to go above the level at which it is 'capped'. This cap will not last the entire life of the mortgage, but it is common to find rates that are capped for five years or more.

• Repayment mortgage - This simple, low risk method involves making a single payment to the lender each month, part of which will pay interest on the debt, with the remainder reducing the amount owed.
• Interest-only mortgage - Interest is paid on the full amount of the loan for the whole term of the mortgage. While the repayments to the lender are lower, the borrower will need to invest in some other product in order to ensure that enough money is generated to pay off the loan at the end of the term. The three most common forms of investment used to accompany an interest-only mortgage are endowments, ISAs and pensions.

Type of product
Most people opt to take out a standard loan with a mainstream lender, but there are many people for whom this is not suitable. Instead, they will choose some form of non-conforming mortgage, the types of which can include: fully flexible or current account, 100%, buy to let, let to buy, bad credit, self-employed, self-certification, self-build and foreign currency mortgages. Beyond this, product features such as the frequency of interest calculation, any incentives offered, loan portability, mandatory products and the flexibility of the loan are all important factors that need to be looked at.

Size and term of loan
Deciding how much to borrow and for how long is an important part of remortgaging and your decision will ultimately rest on your motive for remortgaging as well as your capacity to repay the debt. You may wish to extend the term and minimise your repayments, increase your borrowings and release more of the equity tied up in your property, or simply shift to a lower payable rate of interest, keeping the same completion date and outstanding debt. Remember that the best deals are usually available when the amount borrowed is less than 80 percent of the property value.

Fees and charges
Think about the fees and charges that are associated with a particular mortgage. If you are likely to become a relatively frequent remortgage customer, avoid moving to mortgage that has extended redemption penalties. Some lenders have introduced stiff penalties to cut out what is referred to in the industry as 'rate tarting'. Also look out for application fees, mortgage indemnity or high percentage lending fees and the general schedule of charges that the lender employs.