Though you may be attracted to the interest rate that is offered by the new vendor, you may not be truly getting benefits because of this decision. Not everyone would be getting the benefits as this has many hidden costs that would be unnoticed by you. Yes, the first and the foremost cost is the early closure charges that are applicable for any loan that is taken by an individual. Since the mortgage loan would be huge in amount, this early closure amount would also be more. So, when you consult the bury mortgage advisor you would get more clarity on what sort of other costs should be paid by you.
Since you have the expectation that your property value has increased it should be supported with some evaluation documents that are provided by the experts. Experts would not work for free and hence you should be ready to pay for their services. Similarly, the new vendor would try to get the legal clearance certificate on the property though it has a loan in other bank. So, the legal evaluation fee should also be paid by you. How about the loan processing charges? This would be no exception because you have good credit score or have paid the earlier mortgage loan without even missing one single installment so far.
Since all these charges are unavoidable you should do the cost versus profit analysis by deciding to remortgage your house. Once you have these numbers handy you could make a better decision. However, with the minimal knowledge you could not get the correct numbers by self though you could list down all the costs that you should bear for remortgaging the house. Hence is the reason, you need complete information which only the advisor could provide you.