FACTBOX-Navigating the mortgage minefield

LONDON (Reuters) - Millions of homeowners are facing a mortgage maze as they come to the end of low-cost home loans.

Here, Katie Tucker, technical manager at independent broker John Charcol, gives her top five tips to navigating the mortgage minefield:

* Be prepared and think ahead.

Allow two to three months to investigate and apply for your remortgage. Firstly, see what alternatives your existing lender can offer. Remember to ask how much your exit fee will be. The average is currently around 225 pounds.

* Consider what really matters to you.

Is it the total cost over the next few years, having free valuation and legal services, or just a low rate? Do you want to be able to overpay, underpay and take payment holidays?

Do you want to raise cash to consolidate debts or make home improvements? Do you have sufficient savings to make an offset mortgage worthwhile?

Under these, current and savings account balances are tallied against mortgage debt, so mortgage holders pay less interest.

The products tend to be extremely flexible, and suit people with a variable income, such as the self-employed or those who receive large bonuses. But lower-rate taxpayers with little or nothing in the way of savings are unlikely to benefit as rates tend to be higher than those on standard residential deals.