It's likely to be your single biggest outgoing every month, so there's every reason to make sure your mortgage is as cost-effective as it can be. However, there's no one-size-fits-all solution: the full cost of your mortgage often comes down to a combination of things you can't change (the current rate of interest, the value of your home) and things you can (your credit score, savings and, of course, the deal you choose).

One thing you're in full control of is how much legwork you're prepared to put in – and the more searching, fact-checking and cross-referencing you do, the better the deal you're likely to find. Although the type of rate you're on is clearly a factor, the true cost of a mortgage is often buried in the fees. Remortgage fees, arrangement fees, legal fees and more can run into the thousands if you're not careful.

Seasoned homeowners probably know the score with mortgage rates by now: fixed rates give certainty, variable rates are a bit of a gamble that may or may not pay off. In either case, you'll often be offered an initial special rate for a period of two, three or five years, after which your rate will revert to a higher one.

This is why it's a good idea to take a good look at any exit fees for moving your mortgage to a new lender. If you plan to shop around when that attractive initial rate ends – as a savvy borrower should – your good work could be undone by a heavy exit fee.

If you can afford to make extra payments, go ahead – as long as you've run the maths. It effectively shortens your mortgage term, so you'll pay less interest overall and that can make a huge difference – especially if you're on a variable deal and interest rates begin to rise. However, your provider might try to counteract this in a number of ways.

Your mortgage might have extra payment penalties built in, so crunch the numbers and make sure you're overpaying enough to make the interest reduction worth your while. Or instead of charging you, your lender might automatically reduce your monthly payment to compensate. If they do this, get in touch with them to discuss your overpayment options (if any).

Finally, don't forget to make sure your credit record is up-to-date before applying for a mortgage or remortgage. If you've had any credit troubles in the past which have now been resolved, it should be reflected in your record or you might miss out on the more competitive deals.

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