There are a few risks with remortgaging. Unless you have managed to secure a fixxed rate for the remaining term of your mortgage, which would be very unusual, you will find that your lender will change their mortgage rate from time to time. If you have signed up for a fixed rate deal, you will find that after a certain time you will move on to the standard variable rate. This means that your deal may no longer be competitive.
This means that to do well from your remortgage deal, you need to keep checking it, to make sure that it really is a good deal. This is not a difficult as it seems as rates do not change that often. However, if the base rate changes, then this could be a good time to hunt around and see who has the best deal.
You may find that you are tied in for a certain time period. This is a risk that you take when you are taking out a fixed rate deal and so you need to be sure that it really is the best deal for you. Take a look at what everyone is offering and also look at how long you are tied in. There will be a degree of guess work involved, as you will need to decide what you think interest rates might do over that period and whether the rate you have is a good one that will pay off for you. It can be difficult to predict what might happen, but it can be worth bearing in mind that banks can often put their rates up even if the base rate does not change or by more than the base rate increase and so this can have a big impact on future prices. On the other hand, you need to remember that the financial institution wants to make a profit out of you and so they will not give you such a good deal, that they will lose out.
It can be a risk, but the best thing that you can do is to do a lot of research. Look around at what is on offer and also look at money websites to find out what people are recommending. Think yourself about the current economic situation and what you expect interest rates to do in the future and this should help you to make a great decision that will make your remortgage really worthwhile.