If you are a homeowner with a fixed rate mortgage that is coming to the end of the tied in period or to an end, you should probably start to look around for another mortgage deal. If you don’t you’ll be paying the providers standard variable rate, which is much higher than what you would have been paying before. Homeowners that have a good amount of equity in their house, deposit and good credit rating should be able to get a good mortgage deal.

Here are a few cost saving tips for you mortgage hunters.

Always look at further than just the main features such as interest rate, take a good look at the key facts illustration of the plan. You should be able to get a quote for the total cost with the interest rate and arrangement fees.

Overpaying your mortgage will save you some money. Most standard mortgages are paid back over a twenty five year period. But, by overpaying you reduce the total capital amount and the monthly payments should also decrease. There are some restrictions on the amount of money you can overpay every year, you’ll need to check with the lender.

It’s always a sensible idea to ask the lender for two illustrations of your mortgage plan. Get one of them with arrangement fees and one without. This way you’ll be able to understand better the cost of the mortgage and how it is broken down. Set up fees are the norm now so expect to pay from £1,000. If you cannot pay this fee upfront then it will be added to the total and will be added to your monthly repayments.

Another good tip is to look at the exit fees before you switch. Some lenders cost more than others, but you could be looking at paying around £200 and above.