Homeowners looking to switch to a more attractive mortgage product need to be aware of all the associated costs that will need to be paid on top of the new monthly repayments, the Council of Mortgage Lenders (CML) has advised.

According to the organisation, potential financial savings is the "major motivator" for the majority of Britons who remortgage their property, with many switching as they come to an end of a special discounted rate, tracker rate or fixed rate period on their existing product.

However, borrowers need to compare costs fully and assess how future charges may be levied against them, Sue Anderson, head of member and external relations for the CML, stated.

"If it is a question of trying to get the cheapest rate and the least expensive deal, then they need to be very careful that they do take account of all associated costs and charges, and not just the monthly repayment," she said.

"That''s a very important factor for people shopping around - to take account of all fees and charges, whether they are legal fees, valuation fees or indeed the lender''s administration fees."