Remortgage products come in many different shapes and sizes - fixed rates, capped rates, discounts, cashbacks, flexible deals and Base Rate trackers, for example. Make sure the new lender or adviser explains the pros and cons of whichever deal or deals you are interested in. And don't just look at the headline rate, consider all the different parts of the mortgage.

Whatever type of remortgage deal you opt for, the lender or adviser should tell you what interest rate you will be paying and, in the case of a fixed or capped rate, how long this rate will apply for.

If you are remortgaging onto a better deal, the lender or broker should be able to show you how much you will be saving per month (unless you are increasing the size of your mortgage at the same time, in which case repayments might not be coming down). If interest rates have risen since you took your last mortgage out, you may be looking at an increase in your monthly repayments.

If you are going for a discount, fixed or capped rate you may have to pay the lender's SVR when the mortgage deal finishes. While, as the name suggests, variable rates vary over time, comparing today's SVR with that charged by other lenders may give you some idea of how competitive your new lender is in general.

The adviser should tell you exactly what your monthly payments will be at the rate quoted. In addition, make sure they show you how much you would be paying at the standard variable rate to give you an idea of what you will be paying after your product term comes to an end.

The annual percentage rate (APR) has to appear in all adverts alongside the headline mortgage rate. APRs are meant to provide customers with a true reflection of the cost of the loan, and help you to compare different deals. However, in practice the APR is unreliable and no substitute for individually-prepared quotes listing all upfront and ongoing costs.

Most mortgage lenders apply early redemption charges (ERCs) to certain deals, such as fixed rates and discounts, for example. An ERC is usually calculated as several month's interest on a loan, and can run to thousands of pounds. You may be charged an ERC if you pay off or switch your mortgage within a certain time period. Before you remortgage, check whether ERCs apply to your existing deal, and if so, how much they will cost. Exit fees are charges levied when you move to a new lender.

The average product fee on a mortgage is now around €1000, so be prepared to factor this into your budgeting when you are remortgaging. Some lenders are so keen to get or keep your business that they developed special remortgage packages with no fees, but these may start to disappear in the current economic climate.

How long is a piece of string? If there are complications, it may take some time to sort out a new deal. Most people who have remortgaged in the last year have sorted the whole thing out in a week, and some within a number of days. Your adviser should give you an idea of the time-scale involved. If you aren't using a broker, you will have to rely on your lender's estimate.

You can remortgage as many times as you like, and as often as you like. But bear in mind that you may well be liable to pay ERCs if you are currently on a fixed, capped or discounted rate. And you may have to pay arrangement fees. But you should look at your mortgage every year and see whether remortgaging would save you money.