Switching mortgage deals, often referred to as remortgaging, can offer benefits like lower interest rates or better terms, but it also comes with risks. These include: Early repayment charges (ERCs): If you're still within a fixed or discounted period of your current mortgage, you might incur ERCs for switching. Additional fees: There may be arrangement, valuation, and legal fees associated with the new mortgage. Higher overall cost: Lower monthly payments might extend the term of your mortgage, leading to a higher overall cost. Affordability checks: You will need to pass new affordability checks, which can be an issue if your financial circumstances have changed. Interest rate risks: If you switch from a fixed-rate to a variable rate, you risk your repayments increasing if interest rates go up. It's important to weigh these risks against the potential benefits and possibly consult a financial advisor or mortgage broker to make an informed decision.